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I Would like to know what is the best way to find multi family properties and what is the best way I can find someone to work with helping me find the right property?
does anyone know the best sites to find properties, land and realtors?
what are the best loans for multi family homes? What loans can you take with the smoothest flow before and after purchasing a property? FHA, or owner occupied investments? I know u can use FHA w only 3.5% down but I know maybe u would have to figure it out with the mip so u can have a better deal but how would you know how to get the lowest mip for a deal?
- Cincinnati, OH
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I would talk with local real estate agents and look on the MLS. Based on your financing options, you are going to be limited to 4 units or under, given 5 and over become commercial lending, so no FHA or owner-occupied options.
I am assuming you plan on living in one of the units, but to be clear, that will be a requirement for at least 12 months, under most mortgages.
You may get other's posting about talking with wholesalers or trying to find off market deals. While these are options, it sounds like you are very new to real estate, and I don't suggest either of these options for people that are brand new to real estate, for various reasons. But if I am misreading your comment and you are able to navigate transactions on your own, then these can be ways to get properties.
As for the financing side, talk to lenders. Call local banks. It is likely most of them are familiar with both conventional, FHA and potentially other financing options that could be a good fit.
- Lender
- Charleston, SC
- 223
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- 327
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You'll need to work with an agent who specializes or has some skill in this and who understands investing. Most stuff in CHS that's worth buying is gone in pocket listings or shortly after hitting the MLS. Finding a deal on the MLS will take a ton of time and searching. Charlsi Kelley, Jillian Weatherford, Lisa Patterson, and most of the agents at Maven Realty would be able to help with this. I can make introductions if you'd like.
For the financing part, it sounds like you're considering househacking. I recommend nailing down your financing plan before going to look for properties. Multi-family househacks are powerful, but there some tricky, intricate rules that have to be followed that are specific to each loan type (Conventional, FHA, etc). You really want to have this piece firmly in place before floating offers.
Feel free to DM me if you'd like - I'm more than happy to help.
Depends what size multifamily you're looking for. If residential (2 - 4 units) I'd check your listing websites (realtor.com, zillow...etc). Filter by these types of properties and see if you find any realtors who pop up frequently. They may specialize in multi units.
If you're looking for larger commercial multifamily (5+ units) then you may have better luck on the commercial sites, crexi and loopnet. Do the same there and see if you find any common brokers who list a handful of the size property you want and connect with them.
Highly recommend Shawn Cleary in Charleston. Hes a great agent, very well-versed in house hacking and investing.
@Vida Lolitaa
If you're considering an FHA loan, you'll be looking at properties with four units or fewer. Smaller multifamily properties—typically 4 to 6 units, and sometimes up to 10—are usually listed on the MLS, where two agents are typically involved. For this, you'll have to look for a good MLS agent. Personally, I would find someone who owns investment properties themselves, as they'll better understand the process. Many agents claim they can handle multifamily, but working with one who owns similar properties offers better confidence that they know what they are working with.
But if you are looking for larger multifamily properties -- which are not listed on the MLS, there’s usually just one broker managing both buyer and seller side. In this case, it’s essential to go out and build relationships with those brokers as they often times don't list these properties on central services. Although I'd check websites like LoopNet.
Hi,
I appreciate the information, in order to access the MLS I need to be in contact with a MLS agent or can I browse myself?
Thank you
Quote from @Gregory Schwartz:
Highly recommend Shawn Cleary in Charleston. Hes a great agent, very well-versed in house hacking and investing.
Thank you very much! I appreciate the contact information!
Quote from @Evan Polaski:
I would talk with local real estate agents and look on the MLS. Based on your financing options, you are going to be limited to 4 units or under, given 5 and over become commercial lending, so no FHA or owner-occupied options.
I am assuming you plan on living in one of the units, but to be clear, that will be a requirement for at least 12 months, under most mortgages.
You may get other's posting about talking with wholesalers or trying to find off market deals. While these are options, it sounds like you are very new to real estate, and I don't suggest either of these options for people that are brand new to real estate, for various reasons. But if I am misreading your comment and you are able to navigate transactions on your own, then these can be ways to get properties.
As for the financing side, talk to lenders. Call local banks. It is likely most of them are familiar with both conventional, FHA and potentially other financing options that could be a good fit.
Thank you so much I appreciate all the information, I am grateful for everyone that takes the time to help me gain knowledge it really does help me feel more confident. I take all this information and add it to the list of things I have to do in order to feel more organized with my planning. Please let me know how I can support you in any way.
Thank you
Quote from @Vida Lolitaa:
I Would like to know what is the best way to find multi family properties and what is the best way I can find someone to work with helping me find the right property?
does anyone know the best sites to find properties, land and realtors?
what are the best loans for multi family homes? What loans can you take with the smoothest flow before and after purchasing a property? FHA, or owner occupied investments? I know u can use FHA w only 3.5% down but I know maybe u would have to figure it out with the mip so u can have a better deal but how would you know how to get the lowest mip for a deal?
Hey there Vida! Great questions.
The house hack with an FHA is a great option if you want to go through the banks. Low down payment. MIP is not negotiable, it is set by FHA. It's based on your down payment (LTV) and your credit rating. No way around it. Also on an FHA, you cannot drop the MIP when the loan reaches 80% ltv unless it is a 15 year FHA loan. The only way out of MIP on a 30 year is refinancing (added costs).
Sites for multifamily.
Zillow - for sale by owner (all single family on Zillow), Apartments for Rent by owner (usually small duplex or four plexes - call the landlord and ask if they are thinking about selling. get creative)
Craigslist - for sale/rent by owner (similar to zillow)
Facebook marketplace - For Sale by owner
Facebook REI groups - ask wholesalers and other investors what they have in their inventory and tell them what you're looking for. Very creative folks.
Loopnet (rare you'll see any 4 plex or smaller here, sometimes)
Crexi (commerical exchange) - some brokers who specialize in MF will list their small MF on here as well.
Hope all that's helpful!
I work in commercial and residential real estate in the Chs market. I would be happy to help in your search for properties. Serving in both Com and Res allows access to both mls databases as well as connections to both worlds! Let's connect!
Hi,
yes, I would love to connect. If you can show me properties that would be great. I have a couple ideas in mind. I would like to look into multifamily, or a single family.
if I could find something like this link at bottom. I would prefer.
Thank you
Hi, thank you so much for all this information. I understand the mip process better now.
I was looking on zillow and realtor without any luck finding any options to work with I will try Facebook and maybe Craigslist I haven't been on Craigslist in a while wasn't sure if it would be best or not but I will give it a shot.
thank you so much I am grateful for all the information. I appreciate it.
- Rental Property Investor
- St Augustine, FL
- 1,868
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- 2,281
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I would google "multifamily brokers" and the city you're looking. The goal is to opt into as many broker sites/lists as possible, so they start sending you OMs, and you can start underwriting deals.
Then, you can start scheduling tours on some of these deals. Of course, they may not be good deals, but it gives you a chance to meet them and build some type of rapport.
I would use Crexi, Auction.com. and Loopnet to find brokers as well. I'm sure MLS has brokers for smaller multifamily deals.
We like to use community banks and credit unions for financing
Good luck
Quote from @Gino Barbaro:
I would google "multifamily brokers" and the city you're looking. The goal is to opt into as many broker sites/lists as possible, so they start sending you OMs, and you can start underwriting deals.
Then, you can start scheduling tours on some of these deals. Of course, they may not be good deals, but it gives you a chance to meet them and build some type of rapport.
I would use Crexi, Auction.com. and Loopnet to find brokers as well. I'm sure MLS has brokers for smaller multifamily deals.
We like to use community banks and credit unions for financing
Good luck
I am truly grateful for your help.
- Lender
- Charleston, SC
- 223
- Votes |
- 327
- Posts
Quote from @Vida Lolitaa:
Hi,
yes, I would love to connect. If you can show me properties that would be great. I have a couple ideas in mind. I would like to look into multifamily, or a single family.
if I could find something like this link at bottom. I would prefer.
Thank you
I have personally worked with @Jill Weatherford and can confirm that she knows the local market well - she's a local investor herself and works with investors.
@Vida Lolitaa what area are you looking in ?