How can I find multi-family properties that are not currently listed for sale?
ListSource.com is a great resource
Thank you, great suggestions. I'm going to listen to that podcast episode tonight!
Originally posted by @Jason Michaud :
I listened to a replay of the BP webinar (BP Podcast #120) that talked about different strategies at finding potential deals outside of the MLS. A couple ideas that really stood out were:
1. Use craigslist to see who is listing apartments for rent. If they are not a PM and a mom and pop operation, ask them if they are interested in selling their multi family. Worse they can say is no, but they might say yes then you can run your analysis. They might be able to refer you to a friend who wants to sell.
2. Public records in your county on evictions can be a great source of information on property owners who might be wanting to sell since going through evictions can be stressful and might be a reason to sell.
I will be trying these two strategies as they cost nothing.
If you try these, I would really like to know if they worked.
All of these are great suggestions.
I'd like to add that you should try to find your target neighborhood. Then start networking with landlords in that area. It can be as simple as driving around and seeing them by their property and stopping to talk to them or calling for rent signs. Also, your public records such as the property tax department can reveal ownership names and address.
When I purchased multi-families in different neighborhoods, I called and talked to every single owner there. I built a rapport with them first, then I felt them out if they wanted to sell. Many did not want to sell immediately, but sometimes years later, I got "the call." Some wanted to sell, but at inflated prices, so it was a no go. Sometimes, I got a great deal. You never know. In any event, the networking was an excellent process to get the ins and outs of the neighborhood. In the process, people will volunteer all sorts of info such as how many total units they have and where else they own property. You can also trade info on craftsman.
My wife and I actually found a boarded up place last week that would be beautiful with some restoration. So we looked up the property records and sent a letter to the owner asking if he'd like to sell. In the podcasts, they call this "driving for dollars." Like the other poster said, all they can do is say no.
I'm currently building a multi family buying strategy and like Jason mentioned above, BP Podcast 120 was great, also Podcast 131 from Serge had some nice gems in there as well when it comes to building a strategy.
@Dan Hedges listsource.com is great, depending on location propertyshark.com is great also, and the BP podcasts mentioned are great.