How to find Small Multi-Units, OTHER than just using the MLS

[Account Closed]

Hi BP. First forum post!!

Found my way to BP through YouTube, during the process of purchasing my 2nd property. I believe the first vid was Brandon going over analyzing cashflow/returns on potential properties... that lead me to watching a few podcasts... eventually I found myself watching the podcasts pretty regularly, as I'm sure most of us here do. The variety of different personality types, investing styles, specific niches, is all so fascinating to hear. I love it. Growing up a musician, I somehow find almost a weird parallel to that world... almost like different musicians mastering their primary instruments... but also picking up new instruments along the way... and crossing-over genres, over the years... and so on.

But anyway, lol. To the question:

I'm still fairly fresh to the real estate investing word. I'm on my 2nd year and my 2nd 4-unit multi-family.

I got my first properties using traditional residential financing and found them through the MLS. But, as I'm looking for another (preferably multi-unit), what I'm running into, only using the MLS, is many sellers with severely outdated properties, low rents, etc... which I'm all for... Both of my first properties started out this way... But, everything now is all so overpriced... They're all basically priced at the ARV, or what they would be priced, if they were already updated and had the rents up to par... Like they want you to pay, not for "what it is" but for "what it could be"... buuut you put in all the work and funds to get it there, lol... The numbers and returns are always pretty rough, once you factor in the potential remodeling costs, to get the rents up.

Plus, in general, at least in my area, multi-units just aren't super abundant on the MLS to begin with.

So, my question is to some of the BP community that loves the small multis... What other creative methods are you all using to find your small multis, other than just the MLS??

Just networking, and bumping into the right people at the right time? Probably not mailers, right? Just jumping in and finding out the owners and contacting the owners up directly, when they're not actually on the market?

Or is it often just a matter of patience and persistence, and waiting for the right one to come along?

[Zach Quick]

@Account Closed I drove around, wrote down addresses, then looked up the owner's information on the county website. Once I had their information I wrote them a letter saying that I wanted to buy their property.