i’ve been looking for 3-4 fams on the mls for 3 months now, and i can’t find a deal to save my life… im being carefull to find properts with gross rents at 2x the PI payment, but i haven’t found one that will work (100% financed) in months, so i want to try something different…
has anyone had any success with the following?
“we buy houses” classified ad
a direct mailer to the owners of multi-fams in the neighborhood you want to buy in
the classfied ad is pretty simple to do, but how do i go about sending out a mailer? how do i make sure the owner of the property is going to get the piece of mail? is there a way to get a discount on postage? TIA.
I can’t address the mailer or ad question, but as far as the mls is concerned there are very few deals as listed. You have to find a property that works for you and what your plans are. Than using what you can get for rent back into what the property is worth to you and than write the P.A. Typically what the property is listed for is no where near what it is worth or what it will eventually sell for.
I have had the same experience. Multi-familys are over priced. I drove by one the other day and called the listing agent. $625k for a 9 unit vacant building in the ghetto. I almost fell out of my chair when i heard that.
We came across it when we were driving around looking for vacant apt bldgs, run down, etc anything that indicates the owner may want to sell. Then look up the owner through county records and contact them. Multi/apt bldgs are businesses and if they are vacant, they sure aint making money and they sure arent appreciating much in the ghetto.