I’m looking for the best way to find all (on and off market) small multi family properties in my area. I’m open to all suggestions and strategies. Any help would be greatly appreciated. Thank you
The way that I have found most of my apartment buildings have been through broker relationships.
You should go onto LoopNet for your target market, find all the brokers, cold call all of them, tell them what kind of deals you're looking for, and then continuously follow up with them over and over again!
Hi Chris, congrats on taking some next steps with multifamily! If looking for something like 2-4 unit properties you could always use a service like Propstream to build a list for multifamily in a specific area, then skip trace that list and cold call or mail the owners. Good luck!
Listsource is a tool you can filter and create lead lists of different real estate including apartments. Small is relative so Listsource allows you to filter by number of units, building SF, etc. I think it can be a bit difficult to navigate at times, but you can get a good snapshot of an area per area codes, county, city/ town, etc.
I prefer and use Reonomy. It is a bit more expensive than Listsource, but the functionality and search abilities are much easier to use. But in the same method just leveraging their filters to find properties within my criteria per my target market.
I haven't found any tool that can find 'all' as much of the time the reporting of data by the county/ municipality can differ and many times the tools are built one size fits all.
@Chris Sharp I would try reonomy if you could afford it. We have 2 deals under contract here in Cleveland (and one accepted LOI) all from cold calling owners here. They are 20+ units, but the smaller properties tend to be even easier to get through cold calling. We pulled all the lists from Reonomy!
@Chris Sharp if you have a relationship with someone at a local title company, they will often pull a list for you for free or for a few bucks.
Easiest in my experience is to pull the list from PropStream and skip trace it. Then use the contacts to create a multi channel marketing plan consisting of cold calling, direct mail, email, etc.
It’s work up front, but you only need one.
Building castles in the sky or meaningful relationships with a local realtor is not the way to get a great deal or retain your sanity . Use list source and start an aggressive direct mail campaign to no owner occupants who are behind on taxes . Don’t waste time or money with mls or realtors . They will lead you on goose chases looking at over priced junk and play games like “ oh sorry but 3 more offers just came in” or there’s new buyers asking so “ seller wants highest best offer “
Hey Chris! As mentioned previously, the best way to build consistent deal flow is typically through brokers in the markets you are interested in. You could also try going direct to seller, however this is a lot more difficult since most sellers who want to sell go with brokers. When it comes to generating your own leads, it is a numbers game (as most things in RE) so being consistent and persistent with the follow up will make it more likely that you will find a deal.
There has been a lot of references to good outlets (listsource, reonomy etc). Here' another you could check. It's costar. Whichever you choose should get you started and then you can go into your proactive outreach from there.
I use Reonomy and cold text then set up calls. In the past 6 months gotten over 10 deals for my clients. Takes consistency and effort.
How do you skip trace the list on propstream? I've looked up all the properties and started sending out letters, but I'm not sure how to skip trace. A lot of the properties are in an LLC, does skip tracing work to find the people behind the LLC?
@Andrew Carlson Propstream has a tab that does the skiptracing for you. As far as skiptracing LLC's, I know it can be done I'm just not sure how to do it. I'm sure there are people in the forums that could get that answer for you though!
you might be able to find the LLC members by going to the secretary of state website and searching :) a google search will tell you how
@Chris Sharp when it comes to finding SFRs & Residential MF properties it all comes down to defining your Farm area & getting to work. Tools for pulling data like Propstream are great, but even more so you need to decide 1st are you going to do the work to go direct to seller or are you going to leverage other people to do so.
The advantage of going direct is you control the process and likely a lower price on the deal. But you're going to be trading time for that money. Without that experience you might go the relationship route and ping a bunch of brokers & wholesalers to start seeing what they get 1st and be ready to run numbers & move forward quickly.
I talk alot about this in my EP on BPs show, take a listen for some ideas.