First step for multi family

[Edmund Campbell]

I own 3 single family rentals debt free worth 60k, 70k and 150k per, so about 280k total. I want to buy a multi family bldg between 25-35 (or more) units but I have little cash and hate debt. I would be willing to refinance and pull money out of houses for the "right" deal but don't know how/where to start looking. I heard Loopnet is bad place to look for apartments and I haven't seen any free REI groups in my area (Cleveland, OH). I called a couple apt brokers but never received return call, Any suggestions on how I start?? Thanks

[Ellie Perlman]

@Edmund Campbell - before you start looking for deals, I'd highly recommend you to EDUCATE YOURSELF about multifamily investing. It's a very different game than single family. 

You can do that by:

1. read books

2. read blogs on BP (I have a blog here as well, though more focused on passive investors in syndications)

3. go to conferences or attend workshops that teach how to invest in multifamily (stay away from the glorified sale events)

The reason why brokers don't return you call is probably because they "sense" that you are making you first steps and don't know if you are a "closer" so they try to spend time on buyers with high likelihood of closing. Yes, it's not fair but it's part of the game. When you learn about investing in multifamily, you learn how to speak their language and what to prepare when you talk with them (specific investment criteria, such as vintage, class, value-add, etc).

Good luck!

Ellie