What is the most efficient way of finding leads for Multifamily properties

Cincinnati, Ohio
Multi-Family and Apartment Investing
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What is the most efficient way of finding leads for Multifamily properties

Pradeep Shrestha
Investor · Cincinnati, OH · Member since 2022 · 34 posts · 13 votes

I will say it's still a seller's market (at least here in Cincinnati, OH). There are tons of investors out here in Cincy but not many deals. Does anyone have any efficient way of finding good leads for value add multi-family properties? 

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Joseph Cornwell
Real Estate Agent · Cincinnati, OH · Member since 2015 · 474 posts · 580 votes
3y
Quote from @Pradeep Shrestha:

I will say it's still a seller's market (at least here in Cincinnati, OH). There are tons of investors out here in Cincy but not many deals. Does anyone have any efficient way of finding good leads for value add multi-family properties? 


 It really depends on what asset types you are after, but this has been my experience. For very specific targeted properties, I have sent hand written letters, or computer typed letters that look hand written, and I hand address each envelope. This takes a ton of time and is only really worth doing for targeted properties on a particular street or neighborhood, etc. I have also skip traced phone numbers to cold call/text owners, this is much more scalable but has less success. My best luck has been speaking with elderly landlords who are looking to retire and want to sell without the hassle of listing and a bunch of showings, etc. If you are looking at larger properties, lets say 20+ units, this is much harder to do off market. For one, they are typically more sophisticated investors who are not willing to sell off market or well below market value. Secondly, these are already heavily marketed to by MF brokers, property managers, etc. Most likely they have contacts to sell the property and do not really need or want you. That is just my personal experience in the SW Ohio market. Best of luck on your hunt! 

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  • John Atkinson
    Member since 2019 · 10 posts · 6 votes
    3y

    Do you use a lead gen software like propstream or batch leads? You can filter to multifamily and then add another filter like tired landlords to find properties that have been owned for 10+ years. Another thing I’ve done myself is I use my counties gis/property records site. My county has filters where you can filter to multifamily, and then scrub what you find manually to see how long it’s been owned, any permits pulled, etc. reaching out to your county for records wouldn’t be a bad idea either. Just going to take a little bit of research on your own end to find the properties that have the potential for added values. 

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  • Sam McCormackBusiness Member
    Real Estate Agent · Cincinnati, OH/NKY · Member since 2021 · 1k+ posts · 833 votes
    3y

    @Pradeep Shrestha

    I am an agent in Cincinnati. I have started cold calling property owners and I have found good success so far. I will be going to look at some value add here early next week

    [email protected]859-443-4952
    Sam McCormack Realtor
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  • Henry ClarkPro Member
    Developer · Member since 2020 · 4k+ posts · 4k+ votes
    3y

    Find someone to pull a report from your cities property tax GIS map.  At the bottom of each property is a list of related properties owned. The owners name and business address is there also.  Research the person and see if they are old.  Reach out and stay in contact.  Give them solutions for their properties. 

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  • Shafi Noss
    Lender · Nationwide · Member since 2018 · 571 posts · 310 votes
    3y

    To take your question too literally, the most efficient way of finding deals is to have a reputation for being able to do deals, people will send you all sorts of opportunities. 

    If you are simply looking for deals, look for the people that have reputations for doing deals and you can access those if you can contribute in some way. 

    If you are trying to find deals purely for yourself, then I'm sure the other advice on the thread is good. 

    1Reply
  • Joseph Cornwell
    Real Estate Agent · Cincinnati, OH · Member since 2015 · 474 posts · 580 votes
    3y
    Quote from @Pradeep Shrestha:

    I will say it's still a seller's market (at least here in Cincinnati, OH). There are tons of investors out here in Cincy but not many deals. Does anyone have any efficient way of finding good leads for value add multi-family properties? 


     It really depends on what asset types you are after, but this has been my experience. For very specific targeted properties, I have sent hand written letters, or computer typed letters that look hand written, and I hand address each envelope. This takes a ton of time and is only really worth doing for targeted properties on a particular street or neighborhood, etc. I have also skip traced phone numbers to cold call/text owners, this is much more scalable but has less success. My best luck has been speaking with elderly landlords who are looking to retire and want to sell without the hassle of listing and a bunch of showings, etc. If you are looking at larger properties, lets say 20+ units, this is much harder to do off market. For one, they are typically more sophisticated investors who are not willing to sell off market or well below market value. Secondly, these are already heavily marketed to by MF brokers, property managers, etc. Most likely they have contacts to sell the property and do not really need or want you. That is just my personal experience in the SW Ohio market. Best of luck on your hunt! 

    2Reply
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