How to find multi-families properties?

8 Replies

Use sites like ListSource to direct mail and target existing multi-family owners who do not live at the property (absentee) and who have owned the property 10 or more years. That's a good starter list along with high equity in the property. If you don't want to buy lists, you can drive the multi-areas and take notes and then look the tax records up on the MLS and contact them with a personal letter.

Hey @Juan Camilo Perez

There are many ways to find off market properties, these are some examples;

1) Driving for dollars

2) Wholesalers 

3) Real Estate Auctions 

4) Direct Mail

5) Builders & Contractors 

6) Public Records 

7) Networking 

8) Word to mouth 

Best of luck!

Steven 

@Juan Camilo Perez , I start online with the county auditor site, that lets me filter by neighborhood and property type (although I can only sort single to 4plex, then 4 -19 units and 20+ units).  This gives me a list of all properties.  Then I can cut some streets out that I know the area is not where I want.  Then I always make phone calls first.  Send letters second.  Then try to setup some level of non-pestering follow-up schedule.  Calls every 6 months.  Letters 6 months, but 3 months off of the calls.  So I am essentially touching them once a quarter, or until they ask me to stop.

One thing I don't see mentioned, connect with local commercial/MF brokers at CBRE or MM.  Those brokers are in the trenches daily, making cold calls, etc.  They won't give you any preference on deals unless you can show them you are serious with funds/investors but you can start working to build those relationships now.  

Also, my local title company will pull reports for me based on the criteria I send them for $2.50 or so, for the entire report. They are pulling from public data like anyone else but it saves me a lot of time. Best wishes on your journey.