Value-add SFR/Duplex/Fourplex can be found on many auction sites, through wholesalers and even MLS.
How to best find small MF (5-25 units) that have rent increase/value-add opportunities with cosmetic improvements?
In our experience, the best way to find these properties, with the least amount of competition, is through tired landlords going through evictions as well as driving for dollars, code violations, fire damaged properties etc.
A lot of these types of properties can be found online but you can also pay for lists. I prefer to have someone pull them for me as I know the information is fresh that way. We recently landed a 6 unit property that was fire damaged this way. Took ten months of follow-up but we finally locked it up.
Im in a similar situation, looking for off market 2-4 unit properties. I'm going the route of looking for evictions taking place in areas I want to invest. I'm looking through the courts website where they post all of the Tenant Landlord complaints. I've found a few that I'm interested in. The document usually provides the owners address so I'm getting ready to mail to them.
However, I'm interested to hear other people's experience with this as I still have questions. What do your mailers look like? What info/how much info is in them? How does it work buying a property mid-eviction, do you take the eviction process over after closing?
I don't want to hijack the post but maybe those answers would add some value too!
So here would be my concern with a larger MF property found by searching for evictions. If you buy a 10-unit by finding a tired landlord who just went through an eviction, with a 10-unit you'll probably inherit some tenants and they're probably the same quality as the guy that got evicted! So what is the smart thing to do there? Can you kick everyone out when you buy? Is that smart?