I’m Keagan, a realtor and investor based in Indianapolis, and I’ve worked with several clients on value-add multifamily deals and have done a couple myself.For finding off-market opportunities, I’d recommend:County Tax Delinquent Lists – Great for uncovering distressed properties.Direct Mail Campaigns – Target out-of-state owners.Local Networking Events – Connect with wholesalers who specialize in multifamily.I’d be happy to introduce you to lenders and share leads if Indy is on your radar.

Start by getting pre-approved with a VA/FHA lender and targeting a multi-family property where rental income covers most of your mortgage.Good luck!

Our target towns are not in the urban centers but more suburban towns with good schools are moderately priced homes for families.

Here’s our OPINION for the Metro Detroit market (use as a template for your target area!)

It is fair to express your disappointment that they exceeded the cost target you gave them. 

The upgrade basically put a target on my back with the fire marshall as he came by to inspect the work and found that there were a few compliance issues.

You'd think 60 years would have cleansed all that but it hasn't.You might target social service and local agencies since this property was in the past a half way house or similar and was only converted to market housing to make the sale to you.

Therefore, any strategic/investing where you have a solid plan to get most/all of your capital back would be my target for this type of capital.

That is probably a good start to setting the goals you need to achieve to make the dream happen.

Is there any way to basically “lock in” the target building, or is there always going to be a risk that you won’t be able to find the right building within the 1031 timeframe?