Creative Ways to Find Small Multi's in South Jersey
I am currently looking for my first small multifamily (2-4 unit) property in South Jersey, primarily in Camden and Burlington Counties. Ideally, I would like to find a distressed property to BRRR. As others have commented on the forums, I have been experiencing some difficulty finding any potential deals in South Jersey due to the high purchase prices and taxes.
Right now, I am only using the MLS to spot potential properties. Most 2-4 units are overvalued by my numbers and still seem to sell very quickly. How are some of you finding small multi's in South Jersey? I have automatic alerts set up on the MLS. I drive for dollars occasionally, but I don't believe it is yielding enough results as small multi's are not very common in my target areas. I may try Craigslist and sending property owners yellow letters even if the properties are not listed for sale.
Thanks for your input,
Ian
Most Popular Reply
@Ian Livaich Just like in other areas, your local South Jersey market is overheated now, hence it makes it harder to find the properties via MLS.
Some of the ways to find properties include but not limited to:
1) You can add loopnet to your list as a source as sometimes smaller multi-families are listed there as well.
2) Direct mailing campaigns to the owners
3) Networking at local REI groups
4) Through wholesalers but they mostly concentrate on SFH
5) Partnering up with someone who has access to properties but no funding (if you can offer funding)