Finding Multi-Family Deals - Looking for some advice/opinions!

[Jason Magee]

Hi BP community! I've been lurking here long enough, figured it's time to start my first discussion. 

I'm looking for my next RE purchase and I was hoping to get some advice, opinions or best practices for finding multi-family deals - anything from 2-10 doors - be it duplexes, tris, quads or small apartment complexes. 

The city I'm looking to purchase in has about 50,000 people so it's not very big. The challenge is I'm trying to figure out the best way to reach out find and reach out to all of the owners of these in the city and see if they are interested in selling. 

So here's what I've done thus far: 

• I'm all over the MLS but these don't come on there often
• A realtor buddy of mine pulled an excel file of all the multifamily deals in the city which included the address and sales price. I hired a VA to go through all the online property records and get the date of the last sale, # of units, tax assessment and the owner name

I know I can go to apartments.com or hotpads and when I see an apartment unit listed for rent, I can find out details about the complex. 

The challenge is the owners of these units most often don't live there so it's hard to reach them - not to mention I'm out of state so I can't drop by! Since most of the owners are companies I could find the address they registered the LLC with and mail them but that's probably not their residence or they may have moved (perhaps their mail could be forwarded).

Maybe the above is the best strategy but I wanted to throw this out there and get some thoughts from folks who are a) smarter than me and b) have found success in finding these listings.

For more context, my goal is cash flow via buy and hold (as well as BRRR which is what I did on my latest two doors I purchased - worked swimmingly!).

Any help is appreciated!

Jason 

[Shawn C.]

@Jason Magee Hello Jason, I am also located in Austin, TX. I myself is trying to get into the multi-family market. I am looking for something that is 5 units or above. This is because 5 units or above is considered a commercial loan and more asset based. What I have done is purchased a list of 5 units or more that are non corporate owned, non owner occupied, that has the owner as listed as living out of town or state. I have just started doing that for states I like to visit. Now I have just started doing this and I am also very new to this and have not had any success (yet) but I hope to give you another idea to try.

Good Luck.