How to find a local TriPlex or Quad

Question

Hey BP Nation,

I am looking to stop dragging my feet and get my first investment property this year.  I want to get a Quadraplex because I want to eventually hold a portfolio of multifamily apartments buildings and I thought that a Quad would be a good start.  I bought my first home last year and finally talked my wife into being ok if we were to house hack ourselves into a Quadraplex (if it were necessary).

I have access to the MLS, but I can’t find any QUAD or Triplex deals on there.  Where do I go to find these deals?  What are some of your best approaches to finding these deals?

I live in Jacksonville, Florida.

Christopher B. · Answer

Hi,

Does your MLS search include a Multifamily selection?  Check Realtor.com as well, buy MLS should list all.

Rick Doctor · Answer

Thanks, Jeff!  I've been trying to download a bunch of properties from the Tax Assessor's website.  Trying to filter on Quads and Tris, but no luck.  The filters don't really work.  I need to start becoming a local expert.  Any tips on actually finding where these properties are?

Jeff Sprunger · Answer

driving for dollars!  drive your area, taking note of any multi-family property that interest you.  you can tell how many units are in a structure, usually, by the number of electric meters on the outside of the building.  jot down the address.  look up the property on your city's tax assessor's website or go to assessor's office, to find the owner's name and personal address.  send them a "I want to buy your house" letter.

Rick Doctor · Answer

I will do that, but perhaps better question might be, what tips and strategies are there for getting off market small multifamily deals?

Christopher B. · Answer

Check Zillow, Realtor.com, and Loopnet.com .  It may be that there are not many properties for sale right now.  Can you set yourself up alerts for Multifamily deals?

Rick Doctor · Answer

I have used the MLS, but there doesn't seem to be much.  I can filter it by Residential, Investment, Rental, Short Term Rental.

But in looking in these different filter groups there doesn't seem to be that much out there (at least none that aren't in warzones).

How to find a local TriPlex or Quad

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