All Forum Posts by: Robbie Reutzel

where?

Listsource is probably the industry standard but there are many.  Listability is good as well.  I have used both.

No I didn't miss the question.  You find properties of the type you like and then start a conversation with the broker in hopes that down road they will bring you good deals.  Brokers are the best source of deals for larger multis but they're not going to bring them to you unless you have a relationship with them and show them you actually will close.  This is how you start that relationship.  

 You could also start direct mailing to lists in the areas you like but that's more expensive.  

Yes, @Joe Barnett is right.  Loopnet is known as the place where deals go to die.  If it's good it's gone in minutes and if not it just sits. You should use it as a resource to demonstrate your expertise.  Find properties you are interested in and then analyze them and start a conversation with the broker.  Tell them why the numbers don't work with that particular deal and show the broker what type of deal would work and ask that they contact you if they come across something that fits your criteria.  You should also be very prompt to respond to broker inquiries and be ready to show proof of funds.  You need them to take you seriously and show that you didn't just attend a boot camp and are now kicking tires before you lose interest in 3 months.

I pay a VA to do it for me. Every jurisdiction is different as far as releasing eviction information but once you have the address it is easy to find out the size of the building.

@Salvatore Lentini, basically yes.  I try to stay away from the larger property managers and focus on the small landlords who are going through an eviction.  It works well here in MA because the laws are so tenant-friendly that many landlords get very frustrated and burn out fairly quickly.

Hi @Paul Lombardi

I will be there with a colleague of mine.  We should definitely get together for lunch one of the days.  I am hoping I don't get pulled away on other business but for now I will be there Friday, Saturday and Sunday.

Hi @Corbin E.

There are many sources for these. I actually do like the MLS in some areas for the intermediate size properties (i.e. 6-12) but, at least in my market, anything smaller is not likely to be a deal. As @Salvatore Lentini mentioned Craigslist, local REIAs and some commercial brokers.  I say some commercial brokers because most will look at you like a tire-kicker until you close something.  Loopnet is generally where deals go to die :) not much there.  But it is a good place to find commercial brokers and cultivate relationships.  

What you really want are off-market properties.  Wholesalers can be good for the smaller multis.  I really like marketing to eviction lists, that is probably my best source.

Good luck!

@Leo Semenov, there is definitely risk in house-hacking but my entire point was that it's about risk tolerance.

 @Thomas Franklin, you know

nothing about me.  Do not question my ethics. I am the farthest thing from the typical realtor you will find and I am also an attorney.  

Is owner-financing preferable to FHA financing a small multi? In some situations it can be but should newbies sit on the sidelines looking for owner-financing deals instead of getting in the game? That is for the individual investor to decide. I think not.

In my experience there are far fewer owner-financing candidates. The majority of respondents want cash and a fast close or full value for their homes with some lease-option candidates thrown in. Would I suggest a newbie start spending thousands of $$$/month on marketing in hopes of finding an owner financing deal to live in and continue renting instead of house-hacking?  Again, that is for the individual investor to decide. But, if asked, I still think house-hacking is a great way to get started and I think the majority of BP would agree with me.

@Thomas Franklin is not wrong but, on the other hand, many, many people have gotten their start investing with a house hack.  I am not one of them but I have helped many clients do this.  

It's really all about risk tolerance and whether you have other options.  Yes, seller financing is great but most newbies are not equipped to find those types of deals.  I'm not saying they don't exist but they are the proverbial "needle in a haystack."  

The bottomline, @Leo Semenov, is that you have to decide what how much risk you are willing to undertake and whether you have other viable options.

This is a great place to learn about all aspects of REI so use the resources here and you'll be well on your way.