Finding Deals in Mainly Suburban Areas

[Louis Hiza]

Hi all, I am a new investor putting together my first REI deal! I am looking to purchase a small multifamily rental building in an area of Connecticut that has 85% of residential buildings being owned mostly by single families, and only 15% rental. After LOTS of research and talking to agents, there is definitely a market for and slow push towards a more rental-oriented mindset for millennials and empty-nesters. I have numerous connections to agents, mortgage brokers, and most importantly a father who owns a construction company in the area, so I really want to focus on this particular submarket.

My question to all of you is what would be the most effective way to find leads in a relatively low-volume market such as this? Everything I have read has said HUSTLE every day; send out flyers, talk to agents, look through craigslist, and in a huge market such as Atlanta or Denver or Chicago, this makes perfect sense: there are TONS of properties out there and every day you should be able to find at least something to run the numbers on. In the are I am looking, finding a lead a day may not be possible. Or is it? Anyone out there also looking in a similar market? For you, what was the most effective method of finding leads?

Thanks!

[Mark Avery]

Hi @Louis Hiza,  Congrats on putting together your first deal!  Sounds like your market is similar to the Northeast, where finding leads and deals takes a tremendous amount of research and work due to all kinds of factors.  One area I've found very fruit-ful is the recently retired demographic who need/are ready to move and don't have the ability to upgrade their homes for maximum sale price.  They aren't a short-sale or foreclosure but also can't upgrade.  They also may need some "help" getting out of their home so I've begun partnering with small business owners who have de-cluttering programs.  There are many ways to reach these homeowners and most of the time the are very grateful to you for providing them a way to move to the next chapter.  Hope this helps, Mark