Need to sell a Multi-Family Property

9 Replies

I had a triplex property listed on RoofStock but they just informed me that, and I quote:

We are ceasing operations in Iowa for the time being as we had a broker retire. We are hoping to be able to list properties in Iowa again, and I will let you know as soon as anything changes.

So, I need to sell a multi-family property fast. It's a recently renovated property, just finished it this month, but it is still empty even though it is being marketed:

https://www.rentable.co/davenp...

So, I live in Knoxville, TN so I'm a little lost on how I can market and sell this property when it's out of state. I was thinking about creating a listing on Craigslist for a "Live Rent Free" listing where I could break down the math as to how they could buy the property and rent the other two units and the rents would pay the mortgage.

Anyone have any experience selling out of state without a realtor? How do I handle the sale? Would I just need a title company?

Thanks.

My issue is that I'm out of town and selling a multi-family property. I wanted to be sure that if I get a realtor to sell it that they have experience selling multi-family. When I hire them can I get a list of multi-family properties that they've sold in the last year? What would be a good amount? Do they have to tell me how long they were listed for before being sold?

Thanks

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@Mark Armstrong

I maybe interested in buying it. Feel free to reach out to me on the details and what you want for the property. I am a real estate agent and invest in Knoxville TN. Most states you just need a title company but some states also require a lawyer as well. It depends Iowa law. 

Most agents have no clue about investing. You should hire an agent but ask them if they know what NOI and Cap rate is (i,e are they familiar with investing? Have they invested themselves?)If they do not, find another agent.

@Mark Armstrong , I'll play devil's advocate here, and say that a local agent may suit you fine.  A triplex isn't truly commercial multi-family, so it may work for someone looking to owner occupy, and someone looking for that will pay more than an investor.  

To your point, any agent should be able and willing to show you what they've sold in the last 6-12 months.  And if they don't, then run.

@Mark Armstrong I live and invest in the Davenport, IA area. I’d be happy to put you in touch with my realtor who is investor friendly and owns investment property herself. She’s one of the top ten agents in Davenport so should be able to get this sold for you quickly. Shoot me a message if you’d like her info.

I'd be interested in purchasing this or listing it for you. I'm a real estate agent in Davenport, IA, and the QC Area, as well as an investor. Reach out if you want to connect more and see how I can help you out.