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Updated over 11 years ago,

User Stats

27
Posts
6
Votes
Mike Heth
  • Investor
  • O'Fallon, IL
6
Votes |
27
Posts

Finding plexes not on the market

Mike Heth
  • Investor
  • O'Fallon, IL
Posted

Hey everyone, I'm looking into purchasing a 2/3/4 unit complex and living in one unit for a while. This is kind of my way of getting my foot in the real estate door. I have a couple questions:

1. I am not finding very many of these buildings in my area for sale, but I know there are plenty around not on the market. As I'm sure a good majority of them are investor owned, I have a feeling they would entertain an offer if contacted. I have read a lot about "going to the courthouse" to find out about things like out of state owners, owners late on taxes etc. etc. for wholesaling purposes. I would like to find a list of plexes in my area so I can contact the owner, but I just don't really know what to actually do when I get to the courthouse. Where do I go? Who do I ask for this information? Are there computer kiosks I look up the records in, or are there actual files I have to sort through? How do I know where to start? Any guidance on this would help tremendously!

2. Say all the units are currently rented, but one or more of them are on month to month leases. What would be the feasibility of getting into it with owner-occupied financing? I know the tenants are usually owed a 30 day notice and with the seller technically being the landlord until we close, they would probably have to agree to this stipulation from the get-go, which may be unappealing to them in case the contract doesn't go through. Does anyone have any experience or insight into this type of thing?

Thanks everyone so much for their time and/or help with this matter!

Mike

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