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