I am looking to invest in a house hack and my sister-in-law is a real estate agent. She is willing to set up a recurring email that lists available multi-family properties in my area through the MLS.
Could anybody help me as far as far as setting up criteria for this search?
I am looking for a three or four family unit that gives me good cash flow.
Any help you could give me would be greatly appreciated! I don’t know much about where to start...
Start not on the MLS. Sure, an alert will give you first-day access, but that's all. Everyone else will see the same properties at the same time. You won't beat anyone to the punch on the MLS. Setting up a recurring email is like the least time-consuming thing a real estate agent can ever do. It takes two clicks. There aren't a ton of 3 & 4-family units on any market so you don't want to tailor that search at all. Just 3 or 4 units. All it does is send you anything new. The only thing an MLS email is good for is if you have it checked for properties that were Under Contract or ARIP and now are back. Failed deals are the best things to find on the MLS because the bank or seller was planning on closing and they will want to replace that deal quickly to get back on track.
@Jonathan Greene thank you. As you can see I am a total newbie and thought that I may be able to get some of the legwork done in deal hunting and cash flow analysis by setting up specific criteria like # of units under contract, their condition and some expenses broken out...
From your message it looks like I may have to that analysis on my own for each property. That isn’t a problem and as I get more familiar with the process I’m sure that it will get faster to analyze properties. Any other tips that you may have for finding my first Multi-Fam property would be appreciated.
@Lawrence Morello Setting up an email alert to MLS listings can't hurt. As Jonanthan Greene said above, you may not get very many and they may or may not be picked over, but you can select some good key words to narrow it down to what you really want. Are you looking for move-in-ready or are you willing to do some rehab? That will affect your opportunities, but, yes, do some searching off market as much as you can too. Good luck!
@Jan Kerr I'd be comfortable either way as long as the numbers worked... it sounds as if the MLS listings may not be the best way to go, what are some other ways that you could recommend?
Good cash flow is my number one requirement so is there somewhere that works better for investment properties?
May be that people searching for SFH and RE investors need to be dealing with different realtors.
Thank you again
The best way to find your first multi-family is to go to REI event, meet some investors and wholesalers and let them know exactly what you are looking for and what you bring to the table with financing. Once you build the relationships, before you have your own leads, you will get access to opportunities.
@Jonathan Greene that is great advice and I will do Exactly that when I’m closer to buying. 👍🙏
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