Getting Frustrated / Losing Hope!

[Mike Ventura]

Hey BP,

I'm seeking feedback and experience about getting started in buying a Multi Family Property. 

My Goal: Start off with buying a Multi-Family in New Jersey (I reside and work in NJ). I want to spend no more than $700 per month out of my own pocket (current rent I pay). I plan to finance with an FHA loan - collect rent on one unit and reside in the other.

My Challenge : I have been searching for three-four months trying to find a Multi-Family. I've found many that support my goal but havent been able to submit an offer because they are under contract within days, sometimes hours. 

I'm starting to lose hope in the concept. Not REI itself but finding a Multi-Family that supports my goal. So much so that I've considered changing my strategy to find a single fmaily home that will support the same goal (I really dont want roomates though). The realtor I am working with keeps reassuring me that I will find a place. He reminds me that now is prime selling time and I need to wait until the fall when the market is less competitive.

Is the market ever less competitive when im competitng with other investors? It seems that if a house is a good deal its a good deal whether your buying in the Fall, Winter, Spring, or Summer. In my mind if its going to cash flow its going to cash flow so all of the good properties get snatched up quick.

I'm hoping to set a realistic timeframe for myself in finding a property. Or at least develop a strategy around what I should search for. Any help is appreciated!

[Josh Caldwell]

Screw the MLS, the MLS is useless to you. Everyone with an internet connection can buy those deals. You want a special deal. To find a special deal, you need to market. I suggest that you market to people who own multi unit properties in your target area and keep doing so until you find a nice burned out landlord who will sell you a property that fits your criteria.

Your problem isn't the market that you are in, your problem is where you are looking for your deals.  Change your prospecting strategy and the world will open up to you. 

To your success

Josh