Finally saved up enough for a 50-100 units! What's next?

Question

Hi BP!

Do you guys have any advice on searching for 50-100 multi family homes in Ohio, Alabama, Texas, Tennessee or Florida besides loop net? Has anyone have luck with cold calling brokers across these states?

Todd Dexheimer · Answer

Calling brokers is a great way to find deals. A lot of brokers don't put their listings on Loopnet, but just send them out to their buyers list and put them on their own site. Start with Marcus and Millichap, CBRE, Colliers, ARA Newmark, Cushman Wakefield. Then continue finding the other listing brokers.

Mike Dymski · Answer

analyzing 100 (over-priced) properties to find one that meets your criteria

Todd Dexheimer · Answer

Yes, same concept, likely some different brokers

Abdul Shishi · Answer

A lot for 50 units and twice that for 100 units.

Omar Khan · Answer

@Bryan Pham You will be hard pressed to find deals through LoopNet. It can be a great way to develop a database of brokers in a market but remember if you're seeing this information so is everyone else i.e. the same brokers will get bombarded with the same types of emails by the same types of investors (mostly newbies).

You can look into partnering with local folks - PMs and the like - or leverage connections by investing through other people's deals to establish your credibility.

Either way, developing a team where each person has a specialty is critical in larger multifamily. Otherwise, you will keep grinding your gears without much luck.

Hunter Ambos · Answer

@Bryan Pham I’m currently looking for deals in Central Ohio. I will be sure to share anything I find!

Alvaro Emiliani · Answer

Look at deals like a mad man! Travel around and check out markets,. Have fun and best of luck!

Enrique Huerta · Answer

Depends on the location. If you need 20-30% down, then that's all you need to save up + CapX and Closing Costs.

Scott Morongell · Answer

@Bryan Pham use the Loop to find brokers. Vetting property management companies is smart as well. They know all the brokers that move the product. It also gives you a strong talking point when you do call them.

Bryan Pham · Answer

@Todd Dexheimer

Great tips in your article, Todd. Thanks for sharing your article with us!

Finally saved up enough for a 50-100 units! What's next?

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