Los Angeles, CA · Member since 2016 · 46 posts · 5 votes
I am looking to purchase multi family rentals out of state but it seems like the sources I use at the moment, Zillow, Realtor.com etc... don’t list multi family structures. Am I missing something or is there another source???
Thank you so much!!!
JC
@Josh Cohen Most publicly available resources - Loopnet, Realtor, Zillow - etc are where deals go to die (most cases, not all). Think about it: If you can see the same deal as the other 300M+ people in America, then how does it make a deal? For you to get a deal, you need some form of an informational arbitrage.
As @Terry Lao points out, you be best served with picking 1-2 markets. Take a deep-dive and make lists of all the major brokers, agents and areas that fit your needs. If accredited (or sophisticated, depending on the situation) you could also become a passive investor with syndicators that focus on the market you prefer. This can help you get the inside scoop as you come in on a few deals.
Post that you can continue to work on the area after you've made money and have been educated by smart folks. Filtering the syndicators (and partners) that will be the best fit for you is the hardest part.
Nonetheless, don't hurry into a deal. Hopefully, you're attending your local REI meetings and other meetups. They can be a goldmine but you have to sift through a lot of crap to find the good ones.
I prefer the apps/websites mentioned above that allow you to specifically filter on multifamily, however, you can use keywords on zillow and specify “multi”.
Those are all good. Also, reach out to a Realtor in the market you are looking to purchase, and have them send you expired and/or cancelled multi-family listings. These are good to prospect for lower offers as they sat on the market without a sale, and the Seller may be ready to be more realistic.
Thank you all for the fantastic information. I’m researching different areas in the country right now. I live in Los Angeles where it’s just too expensive to invest at the moment. What areas are you finding to be up-and-coming right now?
Cold call section 8 land lords form the section 8 website. It takes 15 minuets. And it is way more fun to talk and network with real investors than to stare at a map on zillow for 2 hours.
@Josh Cohen Besides for all of the above, you can find deals here on BP. Also connect with realtors in the cities you are looking into, and local meetups in those places. Best of luck!
@Josh Cohen Most publicly available resources - Loopnet, Realtor, Zillow - etc are where deals go to die (most cases, not all). Think about it: If you can see the same deal as the other 300M+ people in America, then how does it make a deal? For you to get a deal, you need some form of an informational arbitrage.
As @Terry Lao points out, you be best served with picking 1-2 markets. Take a deep-dive and make lists of all the major brokers, agents and areas that fit your needs. If accredited (or sophisticated, depending on the situation) you could also become a passive investor with syndicators that focus on the market you prefer. This can help you get the inside scoop as you come in on a few deals.
Post that you can continue to work on the area after you've made money and have been educated by smart folks. Filtering the syndicators (and partners) that will be the best fit for you is the hardest part.
Nonetheless, don't hurry into a deal. Hopefully, you're attending your local REI meetings and other meetups. They can be a goldmine but you have to sift through a lot of crap to find the good ones.
Josh,
Where are you looking to buy? I invest and wholesale in multiple states. I have a duplex under contract now that may interest you. Private message me to discuss what you are looking for.
Thank you all for the fantastic information. I’m researching different areas in the country right now. I live in Los Angeles where it’s just too expensive to invest at the moment. What areas are you finding to be up-and-coming right now?
You might check out Tulsa, OK. We have a great market right now not just residential but commercial as well. Downside is, the good Multi-family deals are not on the market. You have to have connections with agents that are cold calling or networking with people to sell the properties... I have a lot of buyers and not many sellers when it comes to commercial right now. I agree with the few that have posted, check loopnet, and realtor.com, and reach out to specific agents in the markets you want to target. That is your best bet.