I own many single family, duplexes, tri-plex’s and four plex’s. What’s the best way to find and locate worthy multi family deals in the 12-50 unit range?
Cold calls, direct mail, door knocking.
Long story short direct to seller. I spend hours on GIs mapping and tax records sites and filtering through Secretary of State filing documents to eventually find names, addresses, etc and hunt through social
Media and people finding websites to get phone numbers, email addresses etc.
put in the work and you will have deals Coming in the door. Most importantly, be ready to close, build your reputation accordingly.
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 Loopnet, CREXI, 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 letters 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.
Brokers. Build relationships with the top brokers in the market that are selling the type of properties that you are looking for.
Check out this article: https://www.biggerpockets.com/member-blogs/10145/70795-how-to-find-real-estate-brokers
I couldn't agree more with @Greg Dickerson . In this business (just like in the most other businesses), it's all about building the relationships. While cold calling will require a lot of patience and you will hear a lot of "No's", you have to stay consistent. "No" essentially means "not now", which entails maybe tomorrow or maybe 10 years from now, but all properties get sold eventually and passed to the next buyer. Besides establishing and maintaining relationships with one property owner may bring new possibilities of meeting another property owner that potentially owns a property nearby and is interested in selling. So always keep an open mind.
@Michael Love , if you want to find on market multifamily deals, you need to build good relations with agents and brokers. There's no alternative. It's quite tough to work with them but once you build a solid relationship you might end up getting a deal or two.
To find off-market properties, I highly recommend listsource. Get a list from listsource and start marketing to them (direct mail, cold calling etc). They will not provide you with contact numbers but you can take help from online services like BatchSkipTracing. If you have a good marketing budget, go with direct mail and if you have a limited budget, start doing cold calls. Both works just great.