Multi-Family - Where should I start?
I want to go into the multi-family. Starting with 10-35 units...
Where is the best place to look for deals?
Where can I learn more about this?
Thank you!!
Hi @Idan Shkedy! I'd say that depends on a couple of things, like: Where do you want to invest? How will you fund it?
As far as the listings go, you can find them on Loopnet, CBRE.com, Marcus & Millichap, etc. You can also reach out to brokers (especially if you are wanting to invest in the area you live, this is a GREAT networking play). You can also ask the lenders, property managers, or developers in the area you want to buy in.
If you are wanting to partner with people, then BP is a great place to check out who else is wanting to buy and find partnership pairings that work brilliantly.
Good luck on the journey!
@Idan Shkedy figure out what type of market you want to be in first, then start looking for deals. Might be local, might be in another city/county, might be in another state.
Then go to loopnet/zillow, call all the brokers/realtors with listings and start a relationship. Find other owners in the area through here, events, meetups, etc and ask them who the best agents/brokers are. Ask your other professional contacts that are working in that area like property managers, mortgage brokers, lenders, appraisers, general contractors, etc and find out if they know who the most experienced agents/brokers are and continue to leverage all those relationships and figure out whose prominent in your area(s).
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#2 Land & New Construction Contributor
- Developer
- Charlottesville, VA
Education is paramount. You need to learn everything there is to know about the space and the markets you want to be in. There is a ton of info on YouTube and podcasts.
Also check out @Joe Fairless book and podcasts. He has some serious content and the best book out there on multi family.
@Idan Shkedy Two thoughts come to mind. #1 have you read or listened to "The Best Ever Apartment Syndication Book" by Joe Fairless. That is a cheap and easy way to learn A LOT in a short amount of time. #2 Have you considered investing in a multifamily syndication in order to learn the process and ask questions?
Originally posted by @Idan Shkedy:I want to go into the multi-family. Starting with 10-35 units...
Where is the best place to look for deals?
Where can I learn more about this?
Thank you!!
Did you already find a market? Or are you looking for specific deals with brokers? If you're still looking for a market, here is my latest blog on market research.
https://www.biggerpockets.com/blog/find-multifamily-market-invest
The best way to find deals in a local area is to be consistently in touch with the local brokers. Good luck!
I think Financing the purchase is the real challenge. What’s your plans as far as how you will Finance the purchase? Finding stuff for sale..that’s easy campared paying for the purchase.
I think Financing of the purchase is what stops most folks in their tracks.
Thread after thread says go MF, but to the most part they’re talking 2-4 units with the buyer living in one of the units:( One guy that was extra proud of his MF was really proud of a duplex after the whole story leaked.
Hope you crack the code, but my asking questions on BP concerning MF came back pretty fruitless so far.