I am looking for a buy and hold deal in our area. Preferably Braidwood, Wilmington, Coal City area. I have had luck with my first property (Purchased from the MLS). But, since, I have not been able to find any Multi-Families with positive cash flow. Any ideas? What do you guys think.
Are you only interested in multi families? There are currently several properties in our area that have potential but single families. I haven't looked at them but the right sf home purchase may be better than waiting for a profitable multi unit to pop up. Plus it's the season to buy coming up and might be something to consider. There is a duplex in braceville for sale. Recently there was a duplex in Wilmington but it was in rough shape and wasn't something I wanted to tackle at the time. Good luck Adam and we should get together and talk about our rehabs for rents we've done.
@Adam Smit I think building a relationship with the property managers as @Cody Stone mentioned is a brilliant idea. Another great idea that works is getting a mailing list either by purchasing online or networking with a solid title company you want to build a relationship with. If you ask them for a list of mailing addresses of owners of 2-4 door units within any other parameters you want (ie-how many years owned, if mailing address matches property address, doesn't match property address, year bought, etc). Then either visit the owners and ask if they're interested in selling or create a postcard campaign (something simple on cardstock, but keep it personal). Let them know you have an interest in buying and tell a little about yourself. You'll be surprised at the response you get. I typically plan on a 2-4% response rate on postcards so take that into consideration when you mail as the cost is higher. It also takes a repeating process of sending out consistently with the same message over a period of time to warm up the client and let them know you're serious. All the best and happy investing!
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