I’m wondering what are best ways to find off market deals?
Mainly looking for multi family... usually the agent listings are over priced.
It would be great help if fellow members can share on how they’re finding deals..
@Candace Price I’ve stumbled into some honestly. I found some properties I was interested in and started talking with the selling agent, in one case he represented an investment group that had a few properties they were getting rid of. In another case he represented an elderly woman who just recently lost her husband. She is getting ready to list 5 other houses in the near future and I’m getting a look at them first.
Bottom line is networking i guess, but creatively.
I am in the process of forming a MF list to target. Heres my thought process:
I'm going to begin with list source and look for MF owners. I will then add length of residence to 5 yrs plus. The next filter I will add is market specific. I'm looking for the average rent of $1200 per month per unit. I also will focus on 4 plex or less. Therefore I'm going add a max value filter of $600,000. I will buy this list.
I will then cross reference this list with code violations list. I will add or reduce list based on Equity, owner distance from property, and tax records until I have a manageable list. My proposition and marketing begins from here. I hope that helps!
@Candace Price You can work with a list broker to get a list of multi-family homes. You can get absentee as well as a couple different motivated owner occupied. You do however need to know that there are a lot of counties that don't report the multi-family separately from the owner occupied.
@Marco Lopez be aware that Length of Residence is only good for owner occupied properties. It indicates how long the owner has been living in the house. Purchase date is better if you want Absentee.
Great point! Thank you. However, I would like to touch owner occupants too. Nonetheless, I will make the revisions.