2-4 unit property that actually makes sense - Minneapolis

[Mike Juliff]

Hello Biggerpocketers, I have been vigilantly searching for a multifamily property to purchase as my first home in the Minneapolis area for the past 7 months and have found very few that actually make sense by standard metrics. These prices are absurd! Ideally my first purchase would be a 3 or 4 unit property that would reduce my monthly payments to make it much easier to save money for future properties. I have seen a handful of triplex and fourplex properties on MLS but can’t seem to get an offer accepted on the ones that are not overpriced by $50-100k. I actually had an accepted offer on a triplex that was going to work out super well but the deal fell apart - a story for another time. Any suggestions for how to acquire a nice 3 or 4 unit property? Seems like off market is the way to go. So far have tried MLS, Craigslist, Facebook marketplace, bigger pockets ads, direct mail (~200 letters with 1 semi-solid response), cold calling rental ads, and attending local meet ups to try to meet investors. Any advice would be much appreciated! If you live in the area I would love to meet up and chat!

[Jordan Moorhead]

Mike Juliff I understand wanting a 3 or 4 unit but the search is going to take 2-3x longer than finding a duplex that actually works.

There are 10X the duplexes out there on the market.

I do find off market fourplexes from time to time but much more frequently do I run into off market duplexes.

If you’re set on finding a 3-4 unit just be patient and stick in there.