Working with Experience Syndicators

[Dennis Johnson]

I have posted a couple of times on this topic and have received some great and valuable info so would like to say I appreciate the input.  My question today is i have my real estate license now and I would like to ask were do I search to find a good deal that maybe a syndicator would be willing to consider.  Loopnet has some good deals I think and  just started networking with other realtors so that will help.  Is breaking into this area of real estate as hard as it seems?

[Jeff Kehl]

@Dennis Johnson Villa Rica is a bit off the beaten track and away from the craziness of Atlanta, the same as my market but you still probably will not find any good deals straight off Loopnet. I occasionally check that far from me for instance and I'm sure there's a few people like me in Villa Rica or close by and would jump on any truly good deal that popped onto Loopnet.

Here's a few ideas for you though.

1) A lot of the smaller properties will actually show up on the mls because they are listed by a residential broker without a loopnet subscription. So look there too. There is a multi-family search option.

2) Take a hard look at anything on Loopnet or the MLS that has been there for a long time. Many sellers have unrealistic price expectations but they get better when it has been sitting there 6 months plus. That's where you call the listing agent/broker and tell them what you think it's really worth and see if they will talk to their client about it.

3) Villa Rica is not a big town. Drive around and find all of the properties you would like to buy. Look them up on your county GIS site to find the owners, send them a letter and ask if they want to sell. If you're an agent this is a good way to get listings even if it's not something you want to buy personally.

4) There's usually a zoning classification specifically for multifamilies. Find out the areas they are in by looking at GIS or talking to someone in the county map room. Once you know those areas drive and door knock. You will mostly meet tenants but they know who their landlord or property manager is. 

5) If you find a really good deal call me :)