Rental Property Investor · Agana, Guam · Member since 2015 · 71 posts · 11 votes
Does anyone have any recommendations on how to find off market multifamily properties? It seems one might be able to get a better deal this way. Any advice or feedback would be great! Thank you!
Does anyone have any recommendations on how to find off market multifamily properties? It seems one might be able to get a better deal this way. Any advice or feedback would be great! Thank you!
First of all, it depends on your definition of "Multifamily". 2-6 units? 6+ units? Commercial?
I guess what I'm trying to say is that what matters more is the ownership type. Individual (private owners) and Corporations require a different type of marketing.
- with an individual owner, you can easily locate their information on public records and market to them with all traditional methods (DMM, PPC, cold calling, door knocking, etc)
- with a corporate owner, you probably need to have a tighter game plan (network with commercial brokers, formal mailings)
the type of property will make all the difference with your marketing
Rental Property Investor · Johnson City TN · Member since 2016 · 386 posts · 271 votes
7y
@Joseph Duenas - I would add property managers to the list. Get involved with any local meetups as well, sometimes deals are presented to these groups before they are widely marketed.
Real Estate Agent · Luray, VA · Member since 2016 · 459 posts · 293 votes
7y
What sized multifamily properties are you looking for? For off-market properties that are more likely to be in the "mom&pop" range (below 50 units), cold calling would likely be the best method of marketing. When you start to get larger than that, it will generally be better to work through brokers.
You can pull lists for off-market properties from Listsource or use a service such as Reonomy.com, Costar.com or ProspectNOW.com. If an LLC holds the property - which it likely does- then you can look it up by Googling "*State* LLC lookup" and clicking on the SCC site link that has the Business Entity Search.
Rental Property Investor · Tampa, FL · Member since 2015 · 1k+ posts · 969 votes
7y
Hi Joseph,
There are countless ways to find off-market apartment deals, as well as countless threads that list out strategies. Just search "find off market deals".
One unique strategy is to go to LoopNet.com, create a list of local brokers, call/message them to introduce yourself and your goals, and then follow-up every two weeks with updates on what you've been doing and ask if they have any deals.
Investor · Boca Raton, FL · Member since 2017 · 19 posts · 30 votes
7y
Great answers above! To add to some of the above strategies regarding off market commercial deals, you could try marketing directly to other "professionals" in the industry that might have relationships with property owners, and have an insight as to whether some of their clients may be interested in selling their property. For example:
Accountants
Real Estate Attorneys
Estate Attorneys/Bankruptcy Attorneys
Property Managers
Many of these professionals will know when their client is hoping to / needs to sell their property and can be a good resource for finding motivated sellers.