HOW TO FIND YOUR NEXT MULTI ???? Loopnet ? MLS ?

[Nicholas Moffett]

So I want to buy a PLEX..... Im going to be putting down 100-200k and I want to find a deal, bigger the better, however on the MLS all that really comes up for sale are 2-3-4- plexs. So my question is, since I want to acquire a 10-20 unit deal, how should I search for this ?

The MLS is just producing little deals, and while I could buy a 3/4 plex cash, I want to leverage and do an FHA or a fannie/freddie mortgage with a 75% note and 25% down.

But WHERE, (Besides loopnet) since youve gotta spend $350 a year on it, where can I find a real, solid, no bs deal.  Or ill even consider a 8 unit deal or something similar.

ANY HELP OR IDEAS ARE APPRECIATED 

[Jered Sturm]

In our recent purchase we knew the multifamily industry was hot and competition was high. What we found is in the price range (up to $3 million), it seemed buyers were willing to pay outrageous prices. We heard from many brokers that buyers under $3 million were high income earners, buying mainly for tax benefits. This allowed them to be comfortable paying far more than we were willing to. Brokers knew this, sellers knew this, and we now knew it. It was disheartening for sure, but when times get tough, I go back to my roots. No mater what the obstacle, we will always have work ethic, so work harder is what we did.

I built a list of all the brokers who had any multifamily listed in our target areas. I made lists from the public record websites of all the owners who had bought or sold property zoned multifamily in the past 15 years in our target areas. And I called them all.

I called a minimum 5 brokers and 3 owners a day, EVERY day. After about 3 months, I had circled back on my list a couple times and called a big time broker in the area to remind him of the purchasing criteria doc we had sent him and to let me know if he had anything.

That’s when he said, “Yeah, actually I have one that meets what you want perfectly that’s been under contract quite a while, but I just got word it’s about to officially fall out of contract here in the next few days.” I asked him to email me with any information he had on the property. And I would call him back by the end of the day to schedule a walk through if we were interested. The property hit most, if not all, of what we were looking for and we bought that 42 unit building 2 months later.