Finding Multiunit Properties

[John S. LaGoff]

I am new member from North Carolina excited about the BiggerPockets world of real estate. I've been diligent in study mastering the tip of the iceberg, podcast assisted. Therefore, not being able to wait any longer (two months) I went into search mode.  Duplex, triplex, quadraplex all the way up to twenty-five units.  Living on the computer I utilized all the big guys, Crexi. Loopnet, Zillow, Realtor.com, etc. I sent out LOIs, text messages, and cell calls. Well, was I in for a shock? Responses were, under contract, I'll send you the numbers, and half of these would never cash flow, or a single family made out to be whatever or they simply would not respond at all. 

I believe my perseverance is good, but I don't want to take a year to buy a property.  I need HELP, PLEASE, your knowledge is golden, will you share, point all of us newbies in the right direction. Wishing you the best of success in all of your endeavors. Thank you.

 God Bless you,

John S. LaGoff  

[Jake Wiley]

Originally posted by @Colton Hahn:

Hey John, like many things in life networking can make a huge difference. We find many of our deals off-market through our personal connections. We got to that point by going to real estate investor groups, conferences and events and meeting people there who have deals to off-load. I always urge people to go and meet likeminded individuals and stay in touch. You never know what you will find!

I agree with the above comments about networking. Charlotte is a booming area, so things are moving fast. I just sold two SFR rentals up there due to the current market conditions.

Something to keep in mind is that there are hold period expectations with most deals that are syndicated thus that 5-7 year clock is always coming up for someone out there. As mentioned above, your job is to be in a position to be a known quantity when those clocks start expiring.    Plugin, be consistent, speak up.   When you first jump in, the universe seems very large, but you'll find the world of real players; the guys/gals that continue to show us is tiny.