Looking for 4-unit Multi Family in Cedar Rapids, IA area

[Lester Nelson]

I am having a hard time trying to find a 4-unit multi family property to purchase in the Cedar Rapids area. If you are selling, or know someone who is, please reach out to me. Each time I find one on MLS or any other sites, they are sale pending by the time I even tell my realtor I'm interested. Have been networking, cold calling, and religiously checking sites for them, but they all seem to get bought up the second they hit the market. Any help is appreciated!

[Nicholas Wallraff]

@Lester Nelson

There are a lot of people in the market for smaller multi family rentals. They can still be bought though! I bought a 3 Plex here last fall and one of my friends has bought a 6 and a 4 Plex already this year.

To give you an idea on the market, my friend bought a 4 Plex last month. It was posted in the morning, he looked at it mid day and submitted an offer over asking price in the afternoon, he was one of 3 offers after the first day and he got the property.

A few things that might help you:

-I'm not sure how you have things set up with your realtor but if the unit is listed you should be able to contact the sellers agent directly, or in some cases contact the seller directly. This will speed up the process for you and a realtor will be happier to work with you for full commission.

-Run the numbers on lots of properties so that you are really comfortable recognizing a potential good deal immediately.

-Have everything in place so that you are able to make an offer right away, financing, purchase agreements (if it is not through a realtor), etc.

-Look all the time. I actually saw the same 4 Plex a while after my friend did and sent it to him to see what he thought... We both had to laugh when he said "yeah, that's a good deal... I already bought it!"

-Don't give up! You'll lose out on a lot but eventually find the right deal.

Good luck, and have some fun while you're at it!