Where can I find Multi Family deals?

Question

Hey Guys!

I am actively looking for 40+ unit apartment buildings. I've been looking on Loopnet, Zillow, realtors.com etc.. for deals but I'm not finding anything with good numbers. I've tried contacting commercial brokers but the majority are not sending me "off market" deals and the buildings I am getting have really low Caps.

Can anyone suggest sites or networks with multifamily listings or ideas on how to contact off market properties at a distance. I am in Miami, FL but want to buy something in north Florida, GA, SC, NC.

Thank you !

Christopher Hunter · Answer

@Angelica M Garzon  Hello Angelica.   Networking with brokers is going to be the best way to get deals.  Have you joined the REIA groups, via online, that you are interested in.  These brokers have there 1-3 clients that they know and have done business with.  I would just keep trying to build the relationships with these brokers while looking to build your team and seek out PM and ask for recommendations from them.  Happy hunting

Hadar Orkibi · Answer

@Angelica M Garzon this is a whole topic that one should learn how to operate in.

Investing out of area is no rocket science but it does require set of skills and systems to follow.

Ask me how do I know?? I been investing out of area for over 10 years!

Sounds to me that you may need some more education in that space, but on a nut shell I can share with you the following.

1. Choose 1 or 2 Markets MAX - NOT 3 or more. (preferably 1 to start with until you "nail it down"

2. You need to visit the market regularly, build relationships with local Brokers, Agents, Lenders, Property managers and other investors. (ask referrals from all of them)

3. Loopnet is good starting point but don't count on it.

4. NEVER ask for Off market deals at the front end, the likelihood that you will receive a deal like that from a Broker you have no relationships with are close to 0. (they will try to sell you the crap that no-one else is willing to over pay for)

5. How to contact off-market property with out brokers? Direct mail, Cold calling, door knocking to name a few.

I hope that helps!

Jennifer Brown · Answer

@Angelica M Garzon brokers are going to be your best source of finding good deals. A few suggestions to make this successful:

- Speak the language. Spend time figuring out how real estate investors talk to brokers and exactly what criteria you're looking for in a deal so you avoid sounding like a newbie.

- Follow-up with brokers. Don't expect they'll send you an off-market deal on your first touch. You need to stay in constant contact with them and show them you're in this game and not a tire-kicker.

- Just communicate. If they tell you about a deal (more than likely a marketed deal on your first interaction), analyze it and get back to them on why it didn't work. This alone can set you apart from a lot of other people.

@Jonathan Twombly has a great, free book out there on how to get brokers to take you more seriously.

Good Luck!

Angelica M Garzon · Answer

Thank you guys! I am implementing every suggestion.

Greg Dickerson · Answer

@Angelica M Garzon you can also search CREXI, buy a list of properties from list source, buy a subscription to Reonomy or download property list from city websites the lookup the owners and call them.

Brokers will not likely be a good resource unless you have a serious track record.

Where can I find Multi Family deals?

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