Finding off-market Multifamily Deals: In Detail!!

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Hello BiggerPockets,

I am wondering if the same principles applied to finding off-market single family residential deals would apply to those in search of finding off-market multifamily (triplex & up) deals. The reason that I am asking is that it is very hard to find a good selection of (triplexes and quads) in my area but I have driven around and have seen plenty that could be written letters to with intent to purchase.

How would you go about contacting the owners of these properties?

* Direct mail campaign that singles out owners with large equity & absentees
* Handwritten letters sent to the mailing address of the owner of the complex.
* ETC

Please help in brainstorming or sharing some stories on how you've found some great off-market multifamily properties to acquire.

[Bill Gulley]

It's human intelligence, as with an intelligence agency, nothing to do with IQ.

Select buildings that are basically in your price range. See when and who purchased them. Check out owners and who they are. Keep your eyes and ears open. I'd also say approach them by phone, see if they would entertain selling. If you see some older guy cleaning up a rental, that's a good time to stop and just say hello. I picked up over 20 deals just because I stopped and said hello and asked.

Never used a yellow letter in my life! I used the phone and personal approaches, always, in everything. :)