In 2007, I’ll be looking for two 2-4 unit MFHs. I’m curious as to where those of you who deal in MFHs find your deals?
Do you use the MLS? (I am a realtor, so i will be looking here to start)
Do you find many at your REIA? (I’m in one, so I’ll be looking here, too.)
What other sources do you use?
By the way, I’m in Houston, so if you have a MFH opportunity you want to discuss, let me know.
Thanks!
At first I was trying to find them through realtors but I could not find one that found any good deals. They were all top dollar. So eventually I made contact with another investor who is at the stage of his career where he just got rid of his rentals ( I just met him after he unloaded a bunch of properties all in one package. I would have been set if I could have worked a deal with him on those but too late) Anyway he just wants to wholesale properties now, just flip contracts over for a small fee and he finds me great deals. Very trustworthy.
If you are a realtor, I would think that you can find some decent deals on the MLS. Some folks use the classifieds with something to the effect of "wanted: fixer duplexes" or whatever. Out in CA, people post signs that say "I pay cash for houses, duplexes" ...ect. Even though you are a realtor, It may be worth the money to pay an investment agent a comission, or list yourself as an invesment specialist in the classifieds, my agent always has deals that are not on the MLS. Out here, sellers are desperate; 15% seller carrybacks @5% due and payables in 5 years lets buyers get properties with 5% down on NOOs.
Also true it depends on the market you are in. If you are a realtor you definitely have an advantage in finding homes especially if you get forclosures listed with you. My investor friend has banks call him when they have a property to get rid of.