Investor · Atlanta · Member since 2018 · 65 posts · 68 votes
My goal is to buy a duplex in the metro area, (Gwinnett, Cobb, far parts of Dekalb, etc.) But I've noticed these are usually not for sale, or they're being sold at prices that won't make sense for a person looking to cash flow properly.
For those who have experience buy MF properties, would it be safe to say that once a property is listed on the MLS, it's probably too late for a good deal? But somebody's doing it...so are they snatching them up before they hit the public, so to speak?
Funny thing is..when I DO see something, I often wonder WHY. WHY would someone give up something that is generating income? Maybe I'm just overthinking it! :P
What @Erik Hatch said: Drive for dollars. Obviously keep an eye on the MLS and have a good broker to keep you updated, but with so much competition and so few MFs in the area, I highly recommend finding those pockets of MFs and running targeted direct mail/cold call campaigns on those properties. Now you may think "why would someone sell this to me?" But you really have no idea what their current situation could be. Personally, I like to find the neglected properties and mail to them since these are the most likely to have motivated sellers.
So find those properties, start mailing, and don't give up. They may not be ready when they get your first letter but they may be on the 3rd or 4th. Again, you never know.
I think your hunches are correct. You need to make relationships with the top brokers in those areas and have them feed you deals before they get to the MLS. Alternatively, you start being proactive and contacting property owners and asking them if they are interested to sell. Drive around for dollars...
What @Erik Hatch said: Drive for dollars. Obviously keep an eye on the MLS and have a good broker to keep you updated, but with so much competition and so few MFs in the area, I highly recommend finding those pockets of MFs and running targeted direct mail/cold call campaigns on those properties. Now you may think "why would someone sell this to me?" But you really have no idea what their current situation could be. Personally, I like to find the neglected properties and mail to them since these are the most likely to have motivated sellers.
So find those properties, start mailing, and don't give up. They may not be ready when they get your first letter but they may be on the 3rd or 4th. Again, you never know.
Thank you so much guys for taking the time to reply to my post.
OK, I can do that. I have heard of the lists you can purchase that have all of the owners names on them. I can make time to write letters, especially since the places I’m interested in are very specific communities. I’ll do some research on what list pulls are out there, and make a spreadsheet with a status of each address, what response I got (if any), and when’s the last time I reached out.
I hope to secure one by the end of 2020, if August 2020 is too ambitious.
What @Erik Hatch said: Drive for dollars. Obviously keep an eye on the MLS and have a good broker to keep you updated, but with so much competition and so few MFs in the area, I highly recommend finding those pockets of MFs and running targeted direct mail/cold call campaigns on those properties. Now you may think "why would someone sell this to me?" But you really have no idea what their current situation could be. Personally, I like to find the neglected properties and mail to them since these are the most likely to have motivated sellers.
So find those properties, start mailing, and don't give up. They may not be ready when they get your first letter but they may be on the 3rd or 4th. Again, you never know.
Hi Brenden,
Do you have MF properties in Atlanta, GA area? If then do you have a good property manager that you can refer to me? I do not have any property there yet but my goal is to buy my first MF property (8-16 Unit) in the Atlanta area in 2020. I have secured a renovation/construction company to work with for value add purposes and will need to look for a PM. My plan is to have my team ready when I submit my LOI to the seller. Even though the PM might not cover my area eventually, the PM might be able to connect me to another PM he knows so, any information will be greatly appreciated. Thank you =)
My goal is to buy a duplex in the metro area, (Gwinnett, Cobb, far parts of Dekalb, etc.) But I've noticed these are usually not for sale, or they're being sold at prices that won't make sense for a person looking to cash flow properly.
For those who have experience buy MF properties, would it be safe to say that once a property is listed on the MLS, it's probably too late for a good deal? But somebody's doing it...so are they snatching them up before they hit the public, so to speak?
Funny thing is..when I DO see something, I often wonder WHY. WHY would someone give up something that is generating income? Maybe I'm just overthinking it! :P
Hi Chloey, I'm planning to buy my first MF in Atlanta area too! Let's continue to work hard until we reach out goal! Good luck! Yosef
Atlanta has great pockets around town for MF rentals. I’ve owned MF and now manage about 450 units in Atlanta so don’t hesitate to reach out about any property management questions. When you talk to PM companies, you’ll want to make sure you get the full picture of fees and services. Good luck!
Hi @Yosef Lee. I do not yet have a property in the Atlanta area but am working real hard to get that first! I'd be happy to help you find a good PM though since I will need one myself eventually.
Are you looking to move to Atlanta or just expand your investments into the area?
Hi Brenden! Thank you for the comment. No I am not looking in to move. I an trying to find out of state MF properties in GA, TX and FL area eventually. Beginning with a couple of my friends as active investors but eventually want to be a syndicator. GA is my first target since I already have a renovation company to work with for soft value add purposes. I happened to speak to one PM who seemed to be very nice and personal but was too late to respond to my email and I was like well I cant work with him like this.. =(
@Yosef Lee sounds like a pretty good plan. Let me know if you need any help with your investing here in the Atlanta area. I'd be happy to go check out a place for you or share any deals I run across.
Yes, fast response and easy to get ahold of is a big must when it comes to PMs so keep looking. I accepted your connection request so let's keep in touch!