Hello BP, I have a question in regards to market analysis. My goal is to find a multi-purpose (duplex, triplex) home to purchase with each unit having at least 2 bedroom/ 1 bathroom/ and around 900sq ft. I would like to do my due diligence and find the average cost of recently sold multi-family units around the area I am looking at. However, not a lot of sold multi-families appear on Trulia and Zillow. Should I also be looking at single homes, apartments, condos, townhomes with similar criterias to my ideal bedroom/bathroom/size? What other factors should I consider when I conduct my market analysis?
You won't find duplexes and tri-plexes in multi family, they aren't multi family, they are considered single family attached. The will be listed as a duplex/tri among single family sales. See if you can get a hold of a real estate text book for agents taking your state RE license exam, it has the basics of RE in it you need to know. Good luck :)
Hello @Sung-Yong Kim . I would recommend trying what Bill just told you, that is weird you can't find properties under multi I manage to find a ton of them but then again I am sure that California market is a lot different than the Virginia market. Also try maybe specifying what exactly what your are search that has always help me narrow things down. For example put that you are looking for a unit that has exactly 4/2 baths per say and that you want it to be no higher than 2000 sq ft. I think that will help you weave out what you are not looking for. Hope it helps.
It is a common misunderstanding about multifamily (or multi-family); they are buildings with five or more units. Plexes are plexes whether they are duplexes, triplexes or fourplexes and they can be purchased with a residential loan. The real test is if you need a commercial loan to finance it, it is multifamily. If you can buy it with a residential loan it is not multifamily.
@Sung-Yong Kim I would make 2 suggestions. First, don't use trulia or zillow to search for props. In my area these source are very unaccurate...Props that appear on zillow are already sold, etc. It's gotten so bad that our mls has stopped syndicating and providing mls data to these sites because people like you search for and find props then go to their realtor only to find out that these props are long sold. If you want to do your own property search off of mls (ie. not using a realtor) I would suggest finding a realtor site that has mls search functionality tied into their site. You can look on my site if you want...you can search multi-family (that's how duplexes, triplexes, 4plexes) are classified here (anything under 4 units in a bldg) and it's live info from our local mls.
Second, I would not look at just "plexes" (duplexes, etc) I would look at single family too. In my area "plexes" are at a premium...there are a very limited number of them and most small investors focus on them first so it raises the price on them.
Hope this helps...
Thank you all for your reply and advice! I see that there is still more for me to learn! I did not know that multi-family did not include duplexes, and triplexes, I feel silly! I will look for other resources to look for listings and expand my research knowledge other than using Trulia and Zillow
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