Best Place to Find Multi Family Properties

Multi-Family and Apartment Investing
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Best Place to Find Multi Family Properties

Benoit Roddier
Norman, OK 路 Member since 2017 路 7 posts 路 3 votes

Hello everyone. I recently joined BiggerPockets I am an international student from France currently studying at the University of Oklahoma. I have one more semester left and I am planning on house hacking a four-plex right after getting my degree. I am not sure where I'll be working after college but I wanted to get comfortable with analyzing properties so I wanted to get some advice from you all. 

What is the best search-engine for multi families properties? Do you personally look at more than one search engine? What exactly are you looking for to determine if an area on the rise or decline? 

Thank you for your time. I'm looking forward to interacting with you all.

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Andrew Johnson
Real Estate Investor 路 Encinitas, CA 路 Member since 2016 路 3k+ posts 路 3k+ votes
9y

@Benoit Roddier As for search engines, I mess around them all.  I have alerts on them all.  I get those automated push-messages on my cell phone from the apps.  It's efficient but it's not like looking at the same property more than once kills me.  And it's something to scan through during cardio at the gym.  Loopnet is for commercial properties and you won't be able to house-hack those.  Not to mention that (for me) the response rate is achingly low if you try to reach out to a random broker that you have no prior interaction with.  

As for if an area is on the rise or on the decline you have basic demographic trends.  But (assuming you have a car) I'd also recommend you drive around neighborhoods.  It's really easy to see if there are rehab projects going on or not.  You can see how landlords keep up their properties.  You can look at crime heatmaps.  You could can drive through "borderline" areas at 2:00 a.m. and see how safe you feel (or don't).  You can ask your fellow graduates where they are looking to buy or rent after they graduate to see where that 'young, educated, white-collar' demographic wants to be.  In short, given you live there it's easy for you to do some ground work yourself that you can combine with online demographic data.

#BoomerSooner

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  • Account Closed
    Investor 路 Winnetka, CA 路 Member since 2016 路 6 posts 路 5 votes
    9y

    LoopNet.com will give MF properties listed for sale.  Call Realtors in the area you are looking at that specialize in commercial properties (5+ units) or Realtors that do Residential (1-4 units). establish a friendship with them.  

    You can google cities (Norman, Okla city reports) or (Norman, Okla demographics) to pick up a lot of info.

    5Reply
  • Andrew Johnson
    Real Estate Investor 路 Encinitas, CA 路 Member since 2016 路 3k+ posts 路 3k+ votes
    9y

    @Benoit Roddier As for search engines, I mess around them all.  I have alerts on them all.  I get those automated push-messages on my cell phone from the apps.  It's efficient but it's not like looking at the same property more than once kills me.  And it's something to scan through during cardio at the gym.  Loopnet is for commercial properties and you won't be able to house-hack those.  Not to mention that (for me) the response rate is achingly low if you try to reach out to a random broker that you have no prior interaction with.  

    As for if an area is on the rise or on the decline you have basic demographic trends.  But (assuming you have a car) I'd also recommend you drive around neighborhoods.  It's really easy to see if there are rehab projects going on or not.  You can see how landlords keep up their properties.  You can look at crime heatmaps.  You could can drive through "borderline" areas at 2:00 a.m. and see how safe you feel (or don't).  You can ask your fellow graduates where they are looking to buy or rent after they graduate to see where that 'young, educated, white-collar' demographic wants to be.  In short, given you live there it's easy for you to do some ground work yourself that you can combine with online demographic data.

    #BoomerSooner

    6Reply
  • Benoit Roddier
    OP
    Norman, OK 路 Member since 2017 路 7 posts 路 3 votes
    9y

    Thank you @Account Closed for your response and recommendations. I am currently looking at Zillow.com , Realtors.com, and Loopnet.com but I guess I'll stop looking at that one. Is there any other search engine that specialize more or less on multi family rentals? 

    0Reply
  • Andrew Johnson
    Real Estate Investor 路 Encinitas, CA 路 Member since 2016 路 3k+ posts 路 3k+ votes
    9y

    @Benoit Roddier I just have Zillow, Realtor.com, Redfin, and Trulia all on my phone. I like Trulia the most because I can have different "boards" and track properties as they go through the sales cycle. One thing that is odd to me is that (for whatever weird reason) sometimes a multifamily property shows up on one but not the others. I'm guessing it might have something to do with how the agent enters the property when they list it. And on Zillow they don't have "Multifamily" listed as a property type. But they do have Condos and they are separate from Apartments and I've found multifamily properties (in the past) in both. Why? I have on clue. Either something quirky with their algorithm of bad data entered into the MLS. Which is why I have the alert on all of the iPhone apps. Again, not sure if this helps...

    1Reply
  • Craig CurelopBusiness Member
    Real Estate Agent 路 Post Falls, ID 路 Member since 2016 路 1k+ posts 路 1k+ votes
    9y

    @Benoit Roddier - What these guys said above is great! Trulia, Zillow, Redfin, etc. are all great apps that push deals right to your phone. 

    I'd recommend talking to a few agents in the OKC area and have them set you up with an automatic feed from the MLS. That way you'll see any property that pops up within your criteria immediately.

    [email protected]Podcast Guest on Show #350
    1Reply
  • Steve OlsonPro Member
    Real Estate Agent 路 Pleasant Grove UT and Hurst, TX 路 Member since 2014 路 128 posts 路 63 votes
    9y

    @Benoit Roddier all these posters have given you some great recommendations! I would say the most important tip is to network with the right agents and sellers (pick up the phone, send mailers...get their attention however you have to).  They get 90% of the deal flow and can let you know about opportunities before they hit the market. I sell multi family properties and right now they're mostly sold before I can even get them to those sites like Loopnet. That's because those buyers network with me and when I have an opportunity they are the first ones they think of. That's your job now: be the first investor that the heavy hitters think of when something comes available. Good luck!

    4Reply
  • Benoit Roddier
    OP
    Norman, OK 路 Member since 2017 路 7 posts 路 3 votes
    9y

    Thank you for the advise @Steve Olson ! Might be a stupid question but what's the best way to find those "heavy hitters", do I just have to google them, network with other investors to find great agents?

    0Reply
  • Troy H.
    Greensboro, NC 路 Member since 2015 路 129 posts 路 30 votes
    9y
    Originally posted by @Craig Curelop:

    @Benoit Roddier - What these guys said above is great! Trulia, Zillow, Redfin, etc. are all great apps that push deals right to your phone. 

    I'd recommend talking to a few agents in the OKC area and have them set you up with an automatic feed from the MLS. That way you'll see any property that pops up within your criteria immediately.

    @Craig Curelop Do agents typically expect some sort of compensation for the automatic feed?

    0Reply
  • Rhett TullisBusiness Member
    Property Manager 路 Oklahoma City, OK 路 Member since 2013 路 1k+ posts 路 617 votes
    9y

    there are some great opportunities in norman for multi family .  we manage several smaller ones near the college and they always rent quickly.  

    [email protected]405-283-6522
    Integrity Oklahoma
    WebsiteView Page
    1Reply
  • Account Closed
    Investor 路 Winnetka, CA 路 Member since 2016 路 6 posts 路 5 votes
    9y

    Why would you stop using Loopnet? I probably is the most active Multi Family listing site. 

    Obtain the owners addresses of MF properties and contact them as to their intentions with their properties.

    0Reply
  • Brian Ploszay
    Investor 路 Chicago, IL 路 Member since 2009 路 1k+ posts 路 1k+ votes
    9y

    The smaller properties can be found right on the MLS. Possibly you can get a realtor to help you. These properties are often not super deals, but they probably will suit you for your first property. You might want to live in a unit and self manage the building. If you grow your business, you'll look for properties from many sources, especially off-market properties. Create a local network in the long run..

    1Reply
  • Benoit Roddier
    OP
    Norman, OK 路 Member since 2017 路 7 posts 路 3 votes
    9y

    @Account Closed that's exactly what I want to do live in one unit and self-manage the building.

    0Reply
  • Account Closed
    Investor 路 Winnetka, CA 路 Member since 2016 路 6 posts 路 5 votes
    9y

    Thank you for the clarification.

    0Reply
  • Polo VazquezPro Member
    Real Estate Agent 路 McAllen, TX 路 Member since 2017 路 382 posts 路 281 votes
    9y
    you can also look for multifamily properties that are for rent. call them and ask them if they would be interested in selling the property. most probably they will say not but you only need one to say yes.
    2Reply
  • Jeff ParkinPro Member
    Laguna Niguel, CA 路 Member since 2015 路 38 posts 路 19 votes
    9y

    Regarding Loopnet, my understanding is that commercial is considered to be 5 units or more and that 4 units or less CAN be house hacked as it's possible to get an FHA loan on a multifamily property of 1-4 units, provided you plan on living in one of the units. When using loopnet's advanced search feature it is easy to find these types of properties and there are plenty in the 1-4 range, depending on the market you're in. Am I missing something here? @Andrew Johnson 

    0Reply
  • Andrew Johnson
    Real Estate Investor 路 Encinitas, CA 路 Member since 2016 路 3k+ posts 路 3k+ votes
    9y

    @Jeff Parkin You're right, 1-4 residential can be house-hacked.  Maybe it's my markets that I look in, I never see duplexes, etc. listed.  The "one unit" properties that come up are things like storefronts for lease, medical offices, etc.  If there are quads listed in your investing market, consider me corrected! 馃憤馃徎

    0Reply
  • Benoit Roddier
    OP
    Norman, OK 路 Member since 2017 路 7 posts 路 3 votes
    9y

    Thank you for the clarification @Jeff Parkin and @Andrew Johnson.

    0Reply
  • Steve OlsonPro Member
    Real Estate Agent 路 Pleasant Grove UT and Hurst, TX 路 Member since 2014 路 128 posts 路 63 votes
    9y

    Hi @Benoit Roddier, there are a few ways to do this (and I don't pretend to be an expert on all of them, or even KNOW all of them). But a few posters have told you to not ignore Loopnet and I agree with them.  There's a tired joke out there that Loopnet is where deals go to die.  But that doesn't mean there isn't anything good on there occasionally.  But more importantly, that's where you can find agents that are active in the multi family and commercial space.  Call them to talk about their opportunities and ask if they have anything else coming.  Stay in touch with them regularly so you're on the top of their mind.  I started marketing a new construction fourplex project in Houston recently and had a list of probably 15 agents and/or buyers I could go to.  But there were a handful of them that got the call first because they stayed on my radar.  It's not that I don't want to call or email everyone...it's just that there are so many hours in the day and you have to prioritize.  So call those agents on the Loopnet listings or wherever you see them and introduce yourself, learn about their listing, ask what else they have coming.  And repeat.  You're going to have to make good on one of them eventually so you don't develop a reputation as a time waster though.  

    2Reply
  • Craig CurelopBusiness Member
    Real Estate Agent 路 Post Falls, ID 路 Member since 2016 路 1k+ posts 路 1k+ votes
    9y

    @Troy H. - Nope! The only time the agents get paid is when they close the deal. Them sending you deals increases the probability that you will find a deal and use them to close. 

    Also - it is rare where the buyer pays the agent anything. Typically the seller pays the agent. 

    [email protected]Podcast Guest on Show #350
    0Reply
  • Troy H.
    Greensboro, NC 路 Member since 2015 路 129 posts 路 30 votes
    9y

    @Craig Curelop Thanks. 

    1Reply
  • Elaine Fawcett
    Investor 路 Worcester, MA 路 Member since 2017 路 66 posts 路 36 votes
    9y

    I'm new here but I was a landlord in the past. I used to go to my local landlord association meetings. It was mostly for networking. There was always someone there selling a house, or complaining about a neighborhood. This neighborhood has become a crack zone, this one is up and coming. You got some great advice! But don't forget it's not all online. I second the "drive through" a neighborhood also! 

    1Reply
  • Abraham Anderson
    Investor 路 Sevierville, TN 路 Member since 2015 路 121 posts 路 674 votes
    9y

    You can search exclusively for Multifamily on Loopnet. On the homepage, click the drop down that says "All properties for sale" and choose "Multifamily", then type in a city or county and it will show all the multifamilys in that area.

    0Reply
  • Diogo Marques
    Financial Advisor 路 Cascais, Lisboa 路 Member since 2015 路 199 posts 路 83 votes
    9y

    @Benoit Roddier Use them all. If deals are there something went wrong.

    1)Look for badly listed houses. Like a MFamily listed as a single family or a house without inside pictures.

    2)Deals that are listed for a long time

    3)Something woo good to be true

    Why? Because if it listed they want to sell. You just have to figure out if it works for your requirements or not.

    Good luck.

    1Reply
  • Benoit Roddier
    OP
    Norman, OK 路 Member since 2017 路 7 posts 路 3 votes
    9y

    Thank you for your comment @Diogo Marques, I appreciate the advice.

    1Reply
  • Terrell Marible
    Winston salem, NC 路 Member since 2017 路 8 posts 路 4 votes
    9y

    I love this site.I wish I would've found bigger pockets 10,000$ dollars ago... 

    2Reply
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