How do you find multifamily deals in different states?

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Cincinnati, OH · Member since 2020 · 4k+ posts · 3k+ votes
4y

@Ricardo Louis, finding deals, regardless of location is the same. Depending on size: MLS, Loopnet, Broker websites. You also want to be calling/networking with brokers in those areas. You can travel there and drive markets (which should be done before you buy anything, anyways). Direct mailers, skip tracing, foreclosure lists, wholesalers in the area.

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  • Cincinnati, OH · Member since 2020 · 4k+ posts · 3k+ votes
    4y

    @Ricardo Louis, finding deals, regardless of location is the same. Depending on size: MLS, Loopnet, Broker websites. You also want to be calling/networking with brokers in those areas. You can travel there and drive markets (which should be done before you buy anything, anyways). Direct mailers, skip tracing, foreclosure lists, wholesalers in the area.

  • Rental Property Investor · Coral Gables, FL · Member since 2016 · 199 posts · 266 votes
    4y

    @Ricardo Louis, it depends on the type of deals and the role you want to play, although, the sources are similar. If you are an active investor looking for SFH and residential multifamily (<5 units), the sources @Evan Polaski recommends are excellent.  

    If you are a passive investor looking to invest in deals offered by syndicators or operators, I recommend you attend any of a number of multifamily conferences that attract both active and passive investors, but focused on larger commercial multifamily properties.  Google search for names like Joe Fairless, Neal Bawa, Michael Blank, Dave Lindahl, Jake and Gino, Rod Khleif, and Dan Handford.  They all put on live and/or virtual conferences where you can learn about the business and network with investors who can answer your questions and possibly become partners.

  • Rental Property Investor · Brooklyn, NY · Member since 2014 · 722 posts · 1k+ votes
    4y

    You can try searching online through places like Loopnet or Crexi, etc., but there really is no substitute for meeting brokers in person and talking through what you are looking for.  Of course, you need to be somewhat educated about the realities of the market before you do this, to make sure you put your best foot forward.

    Meeting in person can be one of the best ways to overcome the broker's gatekeeping function, by which they try to avoid newbie investors who probably can't close and are just going to waste their time.  One of the best ways to get a meeting in person is to make sure that when someone looks you up, you look like a real estate investor online.  And, then, when you reach out to them, let them know that you are flying or driving in from far away, will be in town for a limited period of time, and would like to stop by an introduce yourself while you are there.  People have a hard time resisting this kind of invitation from someone who appears legitimate.

    You can of course use sites like Crexi or Loopnet or broker websites to find out who the brokers in town are, but you will have much better luck seeing good deals from them if you meet them in person, as I described.

    Another fantastic way is to get a personal introduction.  Put the broker into Linkedin and see if you know anyone in person.  Warm introductions are are also hard to resist.  Combined with the prospect of you traveling from out of town (which shows you are serious and willing to invest time and money into this), it's pretty hard for a broker to say no to you.

  • Real Estate Agent · Kansas City, MO · Member since 2021 · 32 posts · 28 votes
    4y

    @Ricardo Louis

    Finding an an agent that has experience with out of state investors is your best bet. Networking with people who have experience in the market you’re looking in can save you a lot of time and headache that you might encounter when you’re just trying to do it yourself.

  • Joshua JanusBusiness Member
    Realtor · Cleveland, OH · Member since 2021 · 1k+ posts · 1k+ votes
    4y

    I would advise finding an investor friendly realtor. You really want someone that invests in their market themselves and understands the numbers. They should be able to determine the COC, annualized return, estimated ARV of a BRRRR, accurate rent comps and more. The valuation and market value of a multi family property differs from a single family and you want someone that understands the distinctions if you go that route. If they just represent first time single family home buyers and aren't constantly finding off market properties and reviewing deals, you'll find a better investment through someone else.

  • Investor · Durham, NC · Member since 2020 · 1k+ posts · 691 votes
    4y

    We build relationships with brokers in different markets. Another idea is to find other solid partners in the markets you want to be in and then find a way ton bring them enough value to join the deal. 

  • Real Estate Agent · Los Angeles, CA · Member since 2021 · 32 posts · 12 votes
    4y

    People have already mentioned these but Crexi, Loopnet, and a solid agent are all excellent resources. As a commercial RE agent, I have profiles on HomeLight, Zillow, Yelp, and Realtor in case you need help finding one.

    I have properties in another state, and I've never met with my agent in person (only over FaceTime). So in case going in person isn't feasible for you, just know that it can be done without being there in person! I'm not denying there are benefits to doing business in-person; I just wouldn't want it to stop you from doing a deal.

    Good luck with your search!

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