Methods for Sourcing First-Time Multi-Family Property - Advice?
I'm in the process of trying to acquire my first multi-family property in Chicago. I wanted to receive a few opinions or suggestions on how I should be sourcing potential properties. I feel that I'm competing amongst many others for the same properties and there's a ton of competition currently in the market. Most of the multi-families on the MLS don't seem to work for the financial side and are not close to the 1% rule. Within three months of searching, only one property has worked out for my criteria to put an offer in, but ended up going above asking price. I know real estate is a numbers game, but I want to make sure I'm not missing out on any good methods for finding good deals (a good deal for me would be a mulit-family that breaks even with me living in one of the units or bedrooms). I'm currently using a couple MLS searches setup for me, Zillow and Redfin searches with daily updates, looking on craigslist, and Loopnet.
Are there any other resources I should be using? Are there any unconventional methods for a first time home buyer or other ideas that I should look into, such as driving for dollars, reaching out to multi-family properties for rent on craigslist, direct mail marketing, or reaching out to be placed on any wholesaler email list I can find? What has your experience been? What would you recommend?
Basically should I look into every possible way to find a property or should I remain patient and wait till something pops up on the MLS and jump over it?
I'm mostly looking for a 3-4 unit multi-family property for $500k or less in Old Iriving Park, Kimble, Alabany Park, Ravenswood, Avondale or Hermosa. I'm interested in buying a property that needs cosmetics updates and that I can add value to. The property would be owner occupied and I'm looking to do a conventional loan with a 5% down payment. I'd also consider the south and southwest side of the city, such as Pislen, Heart of Chicago, Little Village, Bridgeport, or Illinois Medical district if it was a good deal.