How to find deals/wholesaling for own buy and hold portfolio

[Ally Kumar]

I have been looking at MLS and finding it very hard to find multifamily deals. I hear people in podcasts and on BP getting properties at 70% value which I am not able to find through my small REIA networks and on MLS. Few I bought on MLS were fair price (definitely not at 70% value) and cash flowing. I am considering marketing/wholesaling to find properties for my buy and hold portfolio (as opposed to wholesaling business model). Would like to hear from experienced landlords regarding how to go about doing it? Hire someone part time for marketing/lead generation as I don't have that much time. Any other avenues/suggestions for newbie?

[Robert Smith]

If hiring someone look into using a VA. I have had a lot of luck with upwork. You can screen the hires and pick the best ones for your position based on your questions and communication with them. There are many other virtual VA sites out there to choose from, you should be able to get this marketing done at a reasonable cost. You could also use the many letter and list companies that are out there to market for you. Don't reinvent the wheel when it is already working.

As for getting the deals, how many offers have you made? Most investors getting the deals are making many offers a day at a price they are comfortable with. You never know until you ask, and if you keep asking they will either figure out you are serious about buying or they will remember you next time they go to sell. And getting in with real estate agents in the area will help as well if they are the top under market price lister in the area. Generally it is hard to find deals on the MLS unless you are in an extremely secluded area. Drive for dollars, keep your eye on the FSBO sites, and make as many offers as possible. For multi fam properties I would check out the evictions and see what owners are having issues and hit them up. Cash for their headache may be offered at the perfect time in that situation. You could also set up a search on craigslist, zillow and the other real estate websites to be the first to know when a new property is listed. When searching the MLS one thing I try is find the expired properties and see if they ever transferred. If they wanted to sell at one time they may be willing to again, but this time they wouldnt have to pay an agent fee which works in your favor for a better deal. They are out there but you have to dig, and keep digging. A VA could also write up your offers and mine for properties online as well.