Creative ways to find larger multi family deals

13 Replies

Hello! Am an investor who currently has a portfolio made up of duplexes and a four plex. I started at beginning of 2019. All of the deals we have found on the MLS, but my question is what are some creative ways to get property not on MLS when it comes to bigger multi family? This can be for duplexes and quads, but also for 10 plus unit properties up to 50 units. Most of the methods I've heard pertain to single family such as direct mail, bandit signs , etc. I am curious to what methods you guys use to find multi family properties . Thanks

Hey @Kevin Mehner , its a lot of the same to be honest. You can spend time finding absentee owners thru a ton of different systems available, or old fashioned hard work with public records. You also can call around to a few property managers and "interview" them for your portfolio management, but also let them know you are trying to pick up more properties and to send them your way. Lastly, just tell everyone what you are trying to do and dont be shy, the deals will come with consistency. 

Originally posted by @Kevin Mehner :

Hello! Am an investor who currently has a portfolio made up of duplexes and a four plex. I started at beginning of 2019. All of the deals we have found on the MLS, but my question is what are some creative ways to get property not on MLS when it comes to bigger multi family? This can be for duplexes and quads, but also for 10 plus unit properties up to 50 units. Most of the methods I've heard pertain to single family such as direct mail, bandit signs , etc. I am curious to what methods you guys use to find multi family properties . Thanks

 Kevin,

Most of my deals are off-market. Bought about 1800 units and currently have about 1,000 apartment units in my portfolio.

I actually answered this question - in this post:

https://www.biggerpockets.com/forums/432/topics/769196-how-to-find-off-market-apartment-deals

Originally posted by @Erik Whiting :

@Michael Ealy, thanks for that post.  I'm in the same position as the OP, other than I've been doing this since 2005 and want to move into multi-units.

 Erik, I wished I invited you to the free seminar I did just this Wednesday. I will probably do another one in March.

MF investing is not easy but as in anything, it's a business model that anyone can learn and profit from.

If you look for type of building, then yes, IE 4-8 unit, 5-9+ , at least thats how they are coded on public record in my area. Since im an agent I have access to more systems, but again, its pubic record. So if you can search for those style of buildings you are looking for, you can look up owners, and their contact info. Additionally, if that doesnt work, a search filter for high bathroom count will usually result in apartment buildings too. IE, more then 10, you are either pulling buildings or mansions lol. GL.

-Seth

@Kevin Mehner  

Some of the the best ways to find off market commercial and multifamily properties is to compile lists from city and county websites if available or through a paid service like List source, Reonomy and CoStar or you can use free resources like Loopnet, CREXI, Ten-X commercial, Craigslist, tax database, general networking, brokers, property managers, title companies, environmental consultants, building inspection companies, appraisers, landscapers and other companies that service commercial and multifamily properties and driving for dollars. The key is consistent action and how you approach the owners and then the follow up. You need to be talking to hundreds of sellers these days to develop good deal flow.

You can send letters and email 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.

@Kevin Mehner - Networking, consistency and dogged determination.  Make a list of strategies you will implement and make sure to do them EVERYDAY even if it's only for a few minutes, or one call per day, one email per day etc.  Doing "something" and having a plan... everyday, week after week, month after month, year after year and the leads will eventually start coming in consistently.  I often ran into situations at certain times of the past year where I had TOO MANY off market opportunities and I need to decide which ones made the most sense for me as there are only so many hours in a day.  It's hard at first but if you get momentum going and keep it going it will pay off.

Great question @Kevin Mehner ! Your best bet to go direct off market is to go direct to seller. Pull a list from list source with your specific criteria. There are a ton of filters you can use to become laser targeted with your prospect. Mail these owners letters letting them know who you are and if they have interest in selling. Stay consistent mailing. Your response rates pick up every time you mail. Try SMS too. We use an affordable SMS system that sends out automated texts. Cold call works too

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here