locating multi family properties

I live in a somewhat rural area in Illinois, nearest town is 20,000 people. How do you locate motivated sellers of multi family housing? I can’t find properties that don’t have real estate agents involved. The agents are looking for a deep pocket fool to pay the inflated prices.

Do a true assessment of value and make your offer based on reality not on a Realtor’s opinion…once you have made the offer, the Realtor is required by law to present it to the owner regardless of how ridiculous he feels it is. The seller can either:

(1) Laugh and decline outright
(2) Accept
(3) Counter

If the seller counters, you know where you stand and can re-counter. If it is totally unacceptable, tell them that your offer stands for XX amount of time (like 90 days). If the list price is totally absurd, the property will sit on the MLS until it rots. The seller may get itchy and find that he likes your offer more than he thought he did at first.

You can also try to identify multi-families that show no real ‘pride of ownerwship’…if you do, find out who owns it and make a ‘cold call’ about the possibilities of him selling. Often bad looking properties are a symptom of “don’t-wanter” owners that really don’t know what to do or are too lazy to list.

Keith

Keith

Thanks for the reply. My feeling is if there is a realtor involved, then he is getting some of the money that I could get off the deal. I know if the numbers work its a good deal. As far as the no pride in ownership, I think I have found one. Trouble is its 4 one bedroom units. Am I wrong in thinking 1 bedroom units have a higher vacancy rate?

<<Am I wrong in thinking 1 bedroom units have a higher vacancy rate?>>

Maybe, maybe not…depends on the area. Near a school or a military base – not really.

Here where I am, they rent OK. They’ re is a smaller “niche” clientel.

Keith