Hard time finding multiproperty | FHA

[Lucas Villanueva]

Hi everyone,

This is my first post here so I want to introduce myself a little bit and thank you all in advance for all your help. We are in the Boise, Idaho area and enjoy everything related with real state. 

My wife and I are interested to get started in property investment and are looking to get our foot in the door with a triplex/fourplex type of property. We have a leasing contract that ends in June 18th so we need to get a deal going soon.

We are pre approved with an FHA loan and started working with an agent and started looking into the MLS listing, etc.

So far we found one property where the numbers look good, cap rate is 7.4 and the property has a lot of potential. We haven't done an inspection but can already see that it will need a lot of work (external - roof, frame, etc and internal). We can see it being a nightmare to get it completely fixed. The house has been sitting on the market for almost a year and the seller is not motivated to sell for anything less than their asking price ($350K). 

Here are some pics:

Aside from this home all other MLS listings are very few and slow. Once one goes up for a 3/4plex, it is sold very quickly. Some of the multi properties that sold were overpriced with numbers that don't make sense - yet they get offers the first day. We are thinking on starting to do direct mailing campaign to possibly get outside deals not on MLS. My questions are:

- Can we do direct mailing even though we have an agent?
- Does direct mailing work in our situation - FHA loan?
-What's the process after someone hopefully decides that he/she wants to sell us the property?
- Is there any way to get a list form our county with records of properties of 3 or 4 units?
-Also, any feedback on the green property above would be very much appreciated. 

Thank you so much guys let me know what you think! I'm excited to get this first post up and get your feedback!