Where Are You Actually Finding Small Multifamily Deals Right Now?

Question

I’ve been spending more time digging into small multifamily and one thing I keep hearing is that the best deals aren’t really hitting the market.

Curious how you guys are actually sourcing deals right now:

• Are you still finding opportunities on-market, or mostly off-market?
• What’s been working best—brokers, direct to owner, networking, etc.?
• Have you noticed deal flow slowing down recently?

I’m based in Oklahoma and starting to focus more on this space, so would love to hear what’s actually working for people right now.

Brandon Vukelich · Answer

@Dalton Mongold you may need to further define "small" multifamily and "deals." Are you looking for 2-4 unit (residential) properties or smaller 5-10 apt buildings? What we may define as a decent deal in the PNW may be considered terrible to investors in the Midwest. I can say that there are a lot of house hacker/owner-occ buyers taking duplexes at prices an investor like me would never pay. Really good deals are found within the relationships you build with agents and other investors looking to exit or trade up. Best wishes on your investing journey in OK!

Wale Lawal · Answer

@Dalton Mongold

Truly, many of the most promising small multifamily transactions don’t even get on the market anymore at least, from what my investor friends have told me, they’re finding the best deals through their contacts and connections, not the public market. The on-market deals are out there, but you have to act quickly and do your homework. Deal flow is tough, but motivated sellers are certainly out there.

Good luck!

G. Brian Davis · Answer

I've seen good deals come from both on-market and off-market sources, but a lot of the investors I know get their best opportunities through relationships.

As a co-founder of a co-investing club, we've reviewed plenty of deals that never hit the open market. They were shared with brokers' existing buyers, past clients, or people who had proven they could close. I wouldn't ignore the MLS. I've seen investors find great deals simply because they were willing to analyze more opportunities than everyone else. What I've noticed lately isn't necessarily less deal flow; it's fewer deals that still make sense after conservative underwriting. That's been the bigger challenge.

Denise Supplee · Answer

I've found that opportunities can come from both on-market and off-market sources. While off-market deals get a lot of attention, I've seen investors find some very solid opportunities through brokers and traditional listings as well. One thing I've noticed over the years is that relationships matter. Whether it's brokers, owners, contractors, lenders, or other investors, many opportunities seem to come from consistently staying connected with people in the market.

Through the co-investing club I help run, we see deals from a variety of sources, and there isn't one approach that works all the time. The investors who seem to do best are often the ones who have multiple channels for finding opportunities.

Where Are You Actually Finding Small Multifamily Deals Right Now?

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