Multi family apartments

[Osman Eygu]

Hey everyone,

I recently sold my multi family apartment in Portland, OR and looking for another multi family property all over the US. I’m checking LoopNet daily basis but couldn’t find any good cash flow as well as good cap rate. My first question, which states are better for commercial property and please advise me how can l find a good cash flow property? I’m looking for below $1.200.000 and more then 8 cap rate. Thanks in advance!

[Greg Scott]

Osman:

I think you are making a couple of mistakes here that is making your life harder.

First, LoopNet is an unlikely place to find good deals.  Generally that is the trash heap of deals, although I do no some people that have found the diamond in the rough on LoopNet.   Personally, the only thing I have found on LoopNet is the name of brokers, and then I get on their list for anything they come out with before they put it on LoopNet.

Second, and 8 cap rate is like searching for a live dinosaur.  They really haven't walked the planet in several years.  If you do find one, it is likely because it is in a horrible area and then, good luck actually running that as an 8 Cap.