Help Pivot To Finding Off Market Multifamily

Multi-Family and Apartment Investing
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Help Pivot To Finding Off Market Multifamily

Liang Xu
New London, CT · Member since 2025 · 12 posts · 11 votes

I’ve been hunting for my first multi-family deal in Southeast CT for a few months now, and I'm hitting a wall that I think some of you in similar markets might recognize.

I'm seeing two big issues: Inventory is low and Competition is fierce 

1.) Inventory is low. In a city of 30k, I'm only seeing 1-3 multi-family properties hit the MLS a month that match my criteria.
2.) Competition is paying future prices: Investors here are bidding properties up to a point where they break even or even go negative. People are banking on the massive job growth at local employers to drive rents up later, but as a new investor, I can't stomach a negative cash flow property with no other properties owned to keep me afloat.

I want to shift my strategy to off-market BRRRR deals because most MLS deals just doesn't math out for me and I don't have the market inventory to keep on making offers on MLS finds and eventually land a deal.

This week I’ve started my first direct mail campaign targeting owners who have held for 10+ years and who don't reside at the property.

 For those who have successfully landed off market multi-family deals what made you find success? What were some mistakes and traps you found yourself in that wasted resources? Looking forwards to hearing what you guys have to say! 

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Jacob CamhiBusiness Member
Hinton, WV · Member since 2026 · 132 posts · 40 votes
5mo

In a tight market, most of the off market success I see comes from getting really specific about who you target (long term owners with tired properties in the pockets you like), stacking a few channels (mail, driving for dollars, local agents, sometimes even local Facebook groups), and then following up way more than feels comfortable. The biggest time wasters are blasting huge, unfocused lists, not tracking responses, and spending a lot on marketing before you really know your numbers and your script. I would start small with your 10+ year absentee list, commit to consistent mail and phone or text follow up for a few months, and treat every conversation as a rep, not just a yes or no. That way when the right seller does raise their hand, you already know your BRRRR criteria cold and can move quickly without having to bet on future appreciation just to make a deal work.

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  • Michael Nimaroff
    Lender · New York City · Member since 2026 · 17 posts · 8 votes
    5mo

    I’ve seen some strong deals in New Britain. It might be worth widening your search a bit.

    0Reply
  • Jacob CamhiBusiness Member
    Hinton, WV · Member since 2026 · 132 posts · 40 votes
    5mo

    In a tight market, most of the off market success I see comes from getting really specific about who you target (long term owners with tired properties in the pockets you like), stacking a few channels (mail, driving for dollars, local agents, sometimes even local Facebook groups), and then following up way more than feels comfortable. The biggest time wasters are blasting huge, unfocused lists, not tracking responses, and spending a lot on marketing before you really know your numbers and your script. I would start small with your 10+ year absentee list, commit to consistent mail and phone or text follow up for a few months, and treat every conversation as a rep, not just a yes or no. That way when the right seller does raise their hand, you already know your BRRRR criteria cold and can move quickly without having to bet on future appreciation just to make a deal work.

    2Reply
    • Liang Xu
      OP
      New London, CT · Member since 2025 · 12 posts · 11 votes
      5mo
      Quote from @Jacob Camhi:

      In a tight market, most of the off market success I see comes from getting really specific about who you target (long term owners with tired properties in the pockets you like), stacking a few channels (mail, driving for dollars, local agents, sometimes even local Facebook groups), and then following up way more than feels comfortable. The biggest time wasters are blasting huge, unfocused lists, not tracking responses, and spending a lot on marketing before you really know your numbers and your script. I would start small with your 10+ year absentee list, commit to consistent mail and phone or text follow up for a few months, and treat every conversation as a rep, not just a yes or no. That way when the right seller does raise their hand, you already know your BRRRR criteria cold and can move quickly without having to bet on future appreciation just to make a deal work.


      Appreciate the advice! I was debating between continuing with a focused list or going for a more wider but less dialed in approach but I think I'm going to continue and find ways to expand targeting through my focused list. So far I'm only doing mailers but as I get a system down I think I want to expand to cold calling. 

      0Reply
  • Samuel Eddinger
    Meriden, CT · Member since 2018 · 699 posts · 500 votes
    5mo
    Quote from @Liang Xu:

    I’ve been hunting for my first multi-family deal in Southeast CT for a few months now, and I'm hitting a wall that I think some of you in similar markets might recognize.

    I'm seeing two big issues: Inventory is low and Competition is fierce 

    1.) Inventory is low. In a city of 30k, I'm only seeing 1-3 multi-family properties hit the MLS a month that match my criteria.
    2.) Competition is paying future prices: Investors here are bidding properties up to a point where they break even or even go negative. People are banking on the massive job growth at local employers to drive rents up later, but as a new investor, I can't stomach a negative cash flow property with no other properties owned to keep me afloat.

    I want to shift my strategy to off-market BRRRR deals because most MLS deals just doesn't math out for me and I don't have the market inventory to keep on making offers on MLS finds and eventually land a deal.

    This week I’ve started my first direct mail campaign targeting owners who have held for 10+ years and who don't reside at the property.

     For those who have successfully landed off market multi-family deals what made you find success? What were some mistakes and traps you found yourself in that wasted resources? Looking forwards to hearing what you guys have to say! 


     The market is definitely tough there.  I always recommend to stay patient.  There is a Charlie Munger quote, “Most people are too fretful, they worry to much. Success means being very patient, but aggressive when it's time.”

    I wouldn't worry too much that you are missing the boat.  Just keep being patient and you'll eventually find the great opportunity!

    1Reply
  • Doug SmithPro Member
    Lender · Tampa, FL · Member since 2013 · 2k+ posts · 2k+ votes
    4mo

    I have always gotten tons of calls for multifamily, duplexes, etc (for 20 years), but there are more people chasing them than there is property. This might sound crazy, but we found that instead of buying an existing property, we simply started to build them. Yes, it takes a lot longer, but it was much better than battling all the knuckleheads that were spending way to much to buy the ones we were looking at. Just a thought that we've found success with. 

    0Reply
  • Arman AhmedPro Member
    Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2024 · 2k+ posts · 927 votes
    4mo
    Quote from @Liang Xu:

    I’ve been hunting for my first multi-family deal in Southeast CT for a few months now, and I'm hitting a wall that I think some of you in similar markets might recognize.

    I'm seeing two big issues: Inventory is low and Competition is fierce 

    1.) Inventory is low. In a city of 30k, I'm only seeing 1-3 multi-family properties hit the MLS a month that match my criteria.
    2.) Competition is paying future prices: Investors here are bidding properties up to a point where they break even or even go negative. People are banking on the massive job growth at local employers to drive rents up later, but as a new investor, I can't stomach a negative cash flow property with no other properties owned to keep me afloat.

    I want to shift my strategy to off-market BRRRR deals because most MLS deals just doesn't math out for me and I don't have the market inventory to keep on making offers on MLS finds and eventually land a deal.

    This week I’ve started my first direct mail campaign targeting owners who have held for 10+ years and who don't reside at the property.

     For those who have successfully landed off market multi-family deals what made you find success? What were some mistakes and traps you found yourself in that wasted resources? Looking forwards to hearing what you guys have to say! 


    You're actually on the right track, realizing early that the MLS in small markets can turn into a bidding war that kills returns. Off-market is usually where the real opportunity is, but it comes down to consistency and targeting the right owners, Long-term holders, tired landlords, and inherited properties tend to be the lowest-hanging fruit, and direct mail plus follow-up is what separates people who get deals from people who just "try" it for a month.

    One thing I've seen work well for investors who hit this wall is widening the search into Midwest markets, where off-market and under-valued multifamily deals still exist at price points that can actually support BRRRR math without needing perfect conditions or aggressive rent growth assumptions. It also tends to reduce the pressure of competing against all-cash coastal buyers.

    [email protected]614-418-6081
    0Reply
  • Greg Kasmer
    Rental Property Investor · Philadelphia, PA · Member since 2021 · 774 posts · 501 votes
    4mo

    @Liang Xu - I'm working an off market strategy now consisting of mailers, cold calls, as well as leaving message for owners of 5-20 units. If you'd like to talk and share ideas, please let me know! 

    0Reply
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