What's best way to search for Multi-Unit property for investing?

Question

(1st Post on BP!)

I'm looking to find my 1st 2-4plex multi-unit property for house hacking & investing and am curious (from expert opinion) what is the best way to find one? ..A realtor? Refin, Trulia, Zillow, etc.?

Also, how to valuate if it's a good investment? Is there a certain calculator tool or spreadsheet you use to run specific criteria to assess best cashflow?

And.. Property management? How to find a good property manager after? And how to find & properly screened tenants...? Craigslist??

Thanks!

Nathan Cross · Answer

@Dane Maglinao love your question. So I am not sure if this is the best way, but this is what I been doing... Have you joined local Real Estate investing page on FB? I am sure there are a bunch in your local market. Join the group and post what you are looking for, but you may get some deals that are over priced.

BP has great calculators to use for figuring out if the deal well cash flow!

The search for a Property Manager is finding one that aligns with your over all goals. I think that you should manage your first rental, so you know what it takes to manage it. This will also give you a baseline what PM go through and see what value they are able to bring to you in the future.

Ron Todd · Answer

Hey Dane, I've never done a house hack (mainly because I hadn't heard of it when it would've made sense). I've got a ton of kids now so that strategy wouldn't really work well for me anymore. If I could go back to the beginning, I would've done a house hack when it was just my wife and I. As far as where I'm at with investing, I'm very much in the expansion stage. Once realtors learn you can close, they will start bringing deals that meet your criteria. I'm a buy and hold type but it seems like I am shifting into value add (and still hold for awhile), as I get more comfortable with renovation projects. The military keeps me working more than full time, so I'm happy with my strategy for now.

Ron Todd · Answer

Hey Dane, to answer your first question, you just need to get out there and start looking. Whether that's driving, using Zillow, or talking to realtors. I drove by a quad that I wanted to check out so I called a realtor I like to work with, and we toured the property. During that walk through, she told me the quad we were looking at was too expensive and she had a line on another quad that would fit my needs better (for half the price). She was right and I ended up buying the quad she recommended. Fast forward 6 months and I'm now under contract for the original quad we toured through. The difference? I knew the numbers better this time and am getting the second quad at a steep discount. Real estate is all about making connections and getting out there!

Dane Maglinao · Answer

@Ron Todd Wow! That's awesome. Made it sound really easy hehe but lucky for your it played out well. I guess I need to also get in contact and work with a good realtor as well. Looking into getting my real estate license so that I can also try and find these properties myself on the MLS helps out at least. I was just curious what worked best for others on here to get started.

So did you house hack those quads? and where are you at currently now with your investing? Awesome to hear nonetheless. Great job!

I definitely appreciate you sharing your feedback and providing that insight!

Dane Maglinao · Answer

@Nathan Cross thank you for your reply!Yes, I'm part of a few local REIA groups on fb and off. That's a good idea. Still a newbie to the site but yes I see a few calculators in the Tools tab to use. Nice! Great advice on property management. Although, I'm not quite the handyman and I'm not sure how I would go about fixing certain issues on a multiplex property as a busy professional with not much time on my hands (yet), it just seems a professional property management co. would be the way to go to help save some time/effort, of course for a price. Depending on the task for DIY, I'd need to weigh my options. Still need to shop around for the best ones. I guess that's where Google can help out with that or just ask around in the local REIA groups for best recommendations maybe.Thanks!

What's best way to search for Multi-Unit property for investing?

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