Where is everyone finding their deals on apartment complexes and just multifamily deals in general? Word of mouth? Is there a platform?
@Joseph Humphreys All of my deals come from broker relationships. What type of deals are you looking for?
@Joseph Humphreys Keep in mind that usually in a given market, 90% of the transactions will usually go through a broker. Like Charles mentioned, building relationships with brokers is key.
That being said, I am also taking a unique approach sending out direct mail, emails, and texts.
I like going direct to seller for a few reasons. I can usually skip the competition between other buyers, work directly with the seller, and find REAL value add deals. Not something that has already been cycled through investors.
We put 2 assets under contract in Indianapolis we found from direct mail. Both of these deals were found in the last 2 months but I have been sending out campaigns for 4 or 5 months now.
There are many different ways to find deals. Direct mail may not be the quickest or most efficient but all methods have their pros and cons. 👍👍
A real "deal" is rarely a property that is for sale. More likely it is a place that someone has given up on and isn't doing anything with. Even trying to sell it.
@Charles Seaman deals I can underwrite and do my due diligence on and bring to more season multifamily syndicators to get experience with larger deals.
@Joseph Humphreys You can have a lot of success with direct outreach to sellers for smaller multifamily properties in the 2-50 unit range, similar to what @Justin G. is doing. If you're looking for larger multifamily properties (50+ units), they almost exclusively sell through brokers. Your first steps need to be selecting your target market and better defining your acquisition criteria. After you do that, then you can figure out the best way to find the deals that you're looking for.