Buying Multi-family in a sellers market

[Hector Sanfeliz]

I've want to invest in my first multi-family property in here in Florida. The general concept behind investing in real estate as I understand it should generally be to buy a property with that will cash flow if the intent is to rent it out. The first problem that i'm running into is the mean sellers market that we are in meaning bidding low or even at asking price tends to fail. The second problem is that most multi-families in the area are distressed meaning I have to factor in some repair money in my calculations. The combination of the 2 issues makes every property look like a bad property before I even look at them even after I do a CMA. Anyone run into this before, if so, what did you do or what would you recommend.

[Joseph Gozlan]

welcome to BP @Hector Sanfeliz

In my opinion, the MOST important thing in a seller's market is to stick to the numbers. Don't be tempted to offer more than your numbers say you can. Hope is not a strategy!

Having said that, maybe the fact that you are new to MF investing is causing your analysis to be off and thus causing you to assume worse numbers than it would actually be. 

Read the forums and blogs, listen to the podcasts and read books that are specific to Multifamily to sharpen your underwriting skills. You can also take your underwriting package of a specific property to an experienced agent or RE club and ask someone to look at your numbers and give you feedback. 

If you have specific questions, feel free to reach out to me or on the forum. Lots of smarter people than me  hang around here and respond to questions. 

Good luck!