Breaking in; Advice for finding the first multifamily deal

[Shafi Noss]

Hi BP,

I’m looking for advice on finding my first multifamily deal.

A partner and I have about 300k to work with, 200 from investors, and we want to either (1) find a deal with decent cashflow and buy and hold to gain experience for the next deal or (2) buy from a mom and pop operator and do some small value add to gain experience for the next deal.

The issue is finding a deal, I’ve heard Loopnet has low quality deals and brokers won’t take you seriously until you have a track record.

Our main goal is to gain experience and a track record to move up to larger deals, do you have any thoughts on how to break in and find a first deal?

[Tj Hines]

@Shafi Noss have you tried direct mail? Cold calling? Purchase a list of of multifamily properties that fit your criteria. Mail these owners and stay consistent doing so. Build rapport them to where they feel confident enough to do business with you. You can also use loopnet to network with brokers who control the most inventory in their area. Reach out to those brokers that stand out with the most listings. Reach out to them. Let them know who you are and what you're looking to accomplish. Talking the right lingo will give you instant credibility with the broker. If you're not talking the right lingo, chances are you will shoot yourself in the foot