Finding A Multifamily in a difficult market
I am a buy and hold investor that specifically invests in small multi families. I have been house hacking a Duplex for 3 years now and also have a quadplex in my hometown.
I am relocating in about 12-18 months and am trying to find a multifamily unit to house hack again. The issue is that there are very few multifamily properties in the area. I have been watching every property for sale for the past 6 months and I’ve seen 5 small multifamily properties go on the market. All of which sold relatively quickly. Compared to the other two markets that I have invested, this new market is barren.
I think I might be forced to send out letters to property owners asking if they would be interested in selling their properties. I have listened to podcasts, read articles and forum posts, and spoke with other investors about this strategy. I know that the success rate is very low, even when sending out hundreds of letter.
I was curious if any other BP members have had similar experiences trying to find and acquire multifamily units in difficult areas? If so, was there a different strategy that you used successfully?
The market is Destin/Fort Walton Beach, Florida, for those of you wondering.