I plan on taking my first multifamily investment property next year with my business partner in Boston,MA. We are looking for a 2-4 unit property with added value in Boston or outside it. How do we find such deals?, or better yet deals that are not on the market?.
Now that Real Estate is going up off market deals are the way to go! You can find these deals by targeting absentee owners of multi family properties buying lists from companies like click2mail.com or yellow letters.com. If you are starting out on a budget you can also post ads on craigslist or place bandit signs in your target neighborhood. This low cost technique works great in my marketplace!
You need a realtor who can tell you an insider information. And there are tons of websites
Loopnet, realtor, zillow, trulia, redfin, listing book (need permissions from realtor). I would ping local investors and ask for recommendations for realtor contacts. They would have their time and will expedite to answer all your questions.
Loopnet is good so far for the free account. My business partner and I just finished our 40hrs of real estate sales license class in boston,MA and I love it. Once we get our license after the test we plan on becoming realtors to earn and learn, plus gain better perspective as investors and landlord. Our long term goal is buy and hold multifamily plus commercial property. As some point we want to turn our firm into a private equity company to have a better time rising capital.
@Abou C. Start attending your local REIA's and network with all your wholesalers, realtors and other investors in your area. Apart from that, you can market to owner-occupied and absentee owners by obtaining a list or if you can across a property that looks run-down, write down the address, find the owner and reach out to them about purchasing it.
Abou, I am a Boston-based Realtor who closed over $10M in deals in my first year. My previous life in Boston politics makes me well-suited to help you find such opportunities. Let's connect offline to schedule a consultation. Whether we end up working together or not, it's important to find a realtor partner who is on the ground every day in this market.
@Abou C. You may want to see what you guys qualify for, Financially?
Massachusetts is a fairly hot market now and some folks are still wasting time low balling competitive properties. To avoid this a little homework helps.
@mikehurney how would one understand the boston market, and know that price being offered is fair and reasonable.
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