I came across this website a few months ago and have been getting some great advice from other peoples posts, I figured why not sign up. My goal is to acquire as many multi family properties as possible but I love in an expensive market, Fairfield County, CT. Currently holding a 3 family property I bought as a foreclosure and a single family I purchased as a short sale and I am trying to figure out how to take the next step. Would appreciate any and all advice!
Well the first step is getting extremely familiar with your market. Know the cap rates in your area the condition required for those cap rates as well as the rents that they garner. Learn how to value properties based off their income: net income/ cap rate = property value. Then the next step is finding good deals. You can find good deals a lot of different ways. Talking with neighbors, church members, friends, family, Facebook acquaintances... Everyone, letting people know that you buy multifamily properties. Send out mailers, hand out business cards, create an investment company and build it's reputation are all ways to start. In the end it's all about knowing what you're looking for and talking to enough people who have what you want. I figure that if I talk to 10 apartment owners who are thinking about selling I can present an offer and 5 of them will take it. But if you are looking for that exceptional deal maybe only 1 in 10 will take it or maybe one in 100. In the end... It's a numbers game. You gotta get in front of enough owners who want to sell.
Welcome to the Best Real Estate Site on the Net.
It is always nice to see another Ct., Resident in the forums.
Click on the “learn tab” at the top of this page, and you could be spending many hours on the Information that is available.
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