What's the best way to find multifamily properties?

Question

Good afternoon everyone, I am must likely new on bigger pockets and I would love to hear some recommendations on how to find off market multifamily properties. Thank you in advance.

Jonathan Greene · Answer

Use an app like DealMachine or Propstream. Build a list on ListSource. Write handwritten, honest letters. Focus on absentee owners and start with the ones who live the farthest away and only own one property in the area since they have the least use for the property.

You can also drive for dollars, looking for anomalies of disrepair and then look them up in the tax records and use a site like Spokeo to do cheap skip tracing.

Dylan Webb · Answer

Hi Ricardo! As mentioned above, DealMachine or Propstream is a great resource. I'm an investor and realtor in the Scranton area and get a lot of off market opportunities. Feel free to shoot me a call or text and I can get your criteria and make sure I keep you looped in on anything I come across.

Kate Daye Ruane · Answer

Ricardo, our brokerage has a specialty in investment and multi-family properties. We play matchmaker, put our clients first in all arenas, and also manage. Reach out anytime.

Vince Scipione · Answer

Ricardo, welcome to BP, this is a fantastic starting point in your investing career, I have been a podcast listener since 2011 and have learned an incredible amount.

I would love to just give you a simple answer, however your question is not a simple one.

I would ask yourself what is your end goal? Do you want to be an investor. Or do you want to generate off market deals. Maybe your answer could be both.

I am friends with scranton based wholesalers and they pass deals to me frequently which I send to my client base. It is simple and effective. The wholesalers do all the leg work, pulling lists, cold calling, sending mailers and driving for dollars. In turn they provide me with a steady flow of off market properties. This is their full time job and they collect a fee but are still able to pass along strong deals to end buyers. This is the most efficient way for you to get a multifamily.

If you would like to generate your own leads, I would pop over to the the wholesale section of the forum and start there, and perhaps purchase some books from the BP store. Its easy to get wrapped up in wanted to learn everything, and it ends up in people losing sight in what their original goals were from the start.

Either way, I hope this provided you with some insight and I wish you the best!

Ricardo Polanco · Answer

Thank you very much for the information.

Min Zhang · Answer

Connecting with an investor-friendly agent in your chosen market is also a good idea. Sometimes, they have off-market opportunities that they can share with their contacts. Another way is by networking with property owners directly, such as through direct mail campaigns (trying checking Corefact)

What's the best way to find multifamily properties?

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