Making A Deal vs Finding A Deal

[Lloyd Silver]

I recently watched a video that David Greene produced. He talked about how in our current environment it's not easy to just go out and find great deals. Instead, we need to make great deals. 

A couple of great examples are adding additional square footage or turning space into an extra bathroom. 

What are some other ways of taking a decent deal and turning it into a great one by doing something others aren't likely doing? 

[Joseph Cacciapaglia]

One way many of my clients make great deals, is by being willing to make a lot of lower offers on properties that have been sitting on the market for a while. Many people just look at what's available, and only offer if something happens to be close to their number. Being willing to make low offers when appropriate is one of the most common ways to make a great deal.

For small multifamily deals, there are a ton of ways to make deals work. You can add laundry, vending, or other services, bill back utilities that are on a single meter, charge for assigned parking, or convert some of the units to STRs. You may also be able to do a minor rehab (or maybe just improve management) and raise rents. I like the small multifamily space, because there are often a number of ways to improve deals that the typical owner in that space doesn't do.