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?