Re: Hunting for 203k leads with a realtor

[Mathew Gunkel]

Hey Everyone,

I'm trying to get leads on a multi-family property to house hack into using a 203k loan, and begin my buy and hold journey. My lender has a 203k specialty team, so that should be a plus. I am in the process of working with a realtor to run reports on my target area using mls and other databases. All of the HUD multifamily units seem to be large commercial apartments (nothing 3-4 unit), and most of the properties I see on MLS are firm at or above market value.

My question Is whether or not there is any way for a realtor to easily run a search for multifamily units in my target areas that aren't currently for sale.

My realtor is in the process of getting me a list of properties purchased 1980 and earlier (increased likelihood of equity), and non-owner occupied.  Once I get the multi-family unit lists, I plan to drive my target areas starting with those that have a great deal of equity in the hopes of seeing signs of a distressed property.  Maybe even knock/fire out some letters regardless of property appearance.

Any thoughts on my plan or how to get a list of not-for-sale multi-family properties via realtor databases would be greatly appreciated.  Also, if anyone has any other tips to help my search please chime in.

Mat

[Tyler Weinrich]

With access to the MLS your Realtor can pull any multi-family that has sold. They should be able to slice that anyway they want to: by time frame, by units, by area, by financing, etc.

Might be worth a quick look to see if any MF on the market expired (listed but didn't sell) in the last year or so also. 

Now, whether that breaks any MLS rules, I can't say for sure. Probably frowned upon a little bit to provide contact information (personal info) derived from the MLS data to someone looking to market to those owners.