FINDING MULTI-FAMILY PROPERTIES

[Keith Behney]

It seems there are plenty of good deals for single family homes but I'm having trouble finding multi-family property deals. The MLS has some deals but all I have found is retail prices.

How are good multi-family deals found?

[Andrew Cushman]

@Keith Behney, what size properties are you looking for?  It sounds like smaller deals, so if you're talking 5-50 units the answers given by Juan and Ryan are solid.  Direct mail seems to work particularly well in that segment.

I would not completely dismiss the MLS, however. Oftentimes a client will hand a commercial property to their friend who is a residential Realtor, and that Realtor doesn't really know what to do with it. So, they plop it on the commercial section of the MLS and guess the price. I've seen some pretty good deals come through that way!

I typically buy properties that are 100 units or bigger.  In that situation, I've found the most effective way is to form good relationships with the best brokers.  They spend half their lives talking with and marketing to apartment owners.  If you are close to one of those brokers, they will bring you nice off market deals!

Good luck,

Andrew