I am in Texas and have started to look for my first multi family property. Other than Loopnet what are some other sources of properties?
I am looking for 25-130 units preferably in the Midwest or south US. If your an agent with listings Lets connect. I can evaluate properties quickly and won’t waste your time. I have syndicated funds sourced and just need to find better deals than whats on Loopnet.
Hey, @Adam Mitchell - your best bet to generate solid deal flow is going to be through broker connections. I would hone in on your target market(s) and begin establishing relationships. I've fond that PM's are also extremely helpful in pointing you in the right direction. All the best moving forward!
@Adam Mitchell The best way to find off market commercial and multifamily properties is to compile lists through a paid service like list source, Reonomy and CoStar or you can use free resources like CREXI, CBRE, Craigslist, tax database, brokers, property managers, title companies, multi family inspectors, appraisers, landscapers and other companies that service commercial and multifamily properties and driving for dollars.
The real key is in how you approach the owners and then the follow up.
You can send mail but cold calling is by far the most effective method but you really need to know what you’re doing, how to open the conversation, what questions to ask and more importantly when to listen and not talk. Most importantly you need to convey confidence and assurance you are a player and not just wasting their time. Remember you are building relationships with the owners.
Follow up is crucial and where 90% of investors and sales people fall short. You have to consistently follow up in a meaningful way and you will get deals.
@Adam Mitchell there are many ways to approach this business to find deals. I find the better use of our time building solid relationships with brokers. There only so much inventory in one concentrated area. Brokers generally make it their business to know who all the potential sellers are. Just think about it ... They have to know where their potential business is coming from. Not to mention if you can develop a track record as a closer, they will start to send exclusive off market deals, they may even do it based on how you frame and position yourself when building rapport with them.
Feel free to also connect with other syndicators, who already established systems with consistent deal flow.
@David Acosta thanks David.
@Tj Hines thanks TJ for the info.
@Greg Dickerson thanks for the insight.
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