How do you find your leads?

Question

Hello, long time lurker, first time poster. I have been eyeing the market and trying to find deals. But I am having a hard time finding any multi family for me to use as a first time house hack. I'm using just general portals to the MLS such as realitorcom and Zillow. The area I'm searching is the southeast area of Michigan since I work in Romulus Mi. I'd prefer to keep my commute within an hour so that might be limiting the availability.

What are some ways that you find your potential deals?

thank you,

What are some ways that you find your potential deals?

thank you,

Eliott Elias · Answer

Most good deals are found with months of follow up, off market lead generation, and relentless closing ability. You're not going to find anything on Zillow

Sarita Scherpereel · Answer

@Christopher Olson In addition to what people have already recommended, I'm constantly surprised what people post FSBO on craig'slist. Ultimately, working with an investor friendly agent on your first deal is best.

Bjorn Ahlblad · Answer

I have found leads by driving the 'hood and getting names from the County website. Brokers and Realtors, my barber has given me leads, and PMs.

Scott Allen · Answer

@Christopher Olson

Network with some agents in your area that focus primarily on multi-family. Talk to at least 1-3 lenders to get you pre-approved.

If something has been sitting on the market for awhile - take that to your advantage to negotiate a lower purchase price / better terms.

Cold call if you want to find deals directly and weed out competition.

Best of luck!

Olivia Radziszewski · Answer

@Christopher Olson- A investor-focused real estate agent can help you! Under the Network tab you can click on the Real Estate Agent link. If you answer a few questions they will connect you to a real estate agent in the area that you are looking!

I do not know the details of your market- however, in certain markets 3-4 unit buildings will be easier to find better numbers on as sometimes the smaller ones (2-flats) are priced out of certain markets due to regular primary residence buyers buying them up too, due to low inventory.

If you link up with an agent, they may have some off the market deals for you to access until you build a network of your own and can access them yourself! You can also use strategies such as direct mail marketing or driving for dollars to try to find a distressed property that you can purchase. I always recommend that people also utilize their network. You know more people than you think! Making it known that you are looking for a multi-unit to purchase can sometimes reap better results than you would think! Good luck!

Justin Rademacher · Answer

The greatest leverage you can use is to find a real estate agent that knows the investment side of the business. This will be crucial in helping to find on and off market deals. You will want to make sure that the agent specializes in investments as some agents may not have the knowledge or expertise with what you are looking for.

I do have a questionnaire that I have created that gives you the top 10 questions when interviewing investor specific agents. If you drop your email I would be more than happy to send that to you.

Steven Foster Wilson · Answer

Hey Christopher, you'd mostly find Zillow and MLS's best deals to already be under contract when you find it since a lot of people are actively searching there. Try to attend your local REI networking groups and meetups and also do some time on social media. You'd be surprised how effective it is when finding deals. Connecting with PMs and Contractors and having a great relationship with them helps too.

Joe Hammel · Answer

@Christopher Olson

We love metro detroit and much to many people’s surprise most of our deals are right there in plain sight on the MLS. It’s just the advantage of being in the best cash flow market in the country.

The types of deals that people in any other market would consider once in a life time..we have all over the place.

Metro detroit consistently ranks #1 for cash flow markets year over year.

So the trick is to not over think it, and just take the stuff that’s in solid locations and scale. These types of deals beat what everyone else in the nation is doing, so take what is easy. You will make plenty of money of them.

My portfolio is here and off of 11 properties I bring over $80k a year cash flow (not revenue, cash flow after expenses)

Just plain and simple MLS deals in Metro Detroit.

Bob Stevens · Answer

Go to your local REA meeting, MLS is not where the deals are. Or just look on the local RE forums,

Good luck

Justin Rademacher · Answer

The greatest leverage you can use is to find a real estate agent that knows the investment side of the business. This will be crucial in helping to find on and off market deals. You will want to make sure that the agent specializes in investments as some agents may not have the knowledge or expertise with what you are looking for.

I do have a questionnaire that I have created that gives you the top 10 questions when interviewing investor specific agents. If you drop your email I would be more than happy to send that to you.

How do you find your leads?

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