Getting started in multifamily investing

[Bob Bates]

I'm located in Salem, Oregon and am finding it difficult to locate multifamily properties particularly ones that cashflow. The MLS has only a few overpriced properties that roost for months. I've considered direct mail but my family property has been inundated with letters and cold calls which leaves me at a loss as to how to appear different than everone else.

Another question, should I be looking in other parts of the country with better value to rent ratios?  In this area the average multifamily is running $135k-$175k per door for rents of $1200/mo for a two bedroom.

[Bjorn Ahlblad]

@Bob Bates You pretty much summed it up for most of the west coast. I invest in Olympia wa and west of there. 5-7 years ago you could buy great properties, do minimal work, and be cash flowing from day one. Today it is no longer the case. So you need to look out of state I think. I'm retired and we have all the doors we want right here so I don't really know which markets are best; but plenty of people on here do. 

Do some searches here on the site and I'm sure you will come up with some possibilities. Join some LL groups in your area and meet some fellow investors; you might be surprised to know that there are deals being done regularly that never hit the internet. They may not be barn burners but I have seen some that still will work-be sure of your underwriting. People buying MF on the MLS today will not be land lords in a couple of years!