There is definitely a market to be found for multifamily properties, but actually finding such places for sale can be a challenge. They aren’t listed as often as single family homes, so you have to do some digging to find a multifamily home that would make a good investment. Here are some tips that will help with that.
Using the Direct Approach
When it comes to finding multifamily homes for sale, sometimes the direct approach is the best one. Even if there aren’t a lot of homes for sale, you might still find owners who are willing to sell if you just ask them. Look for properties that are either vacant or run-down since you can always fix them up and make a profit.
Check Out Some Auctions
Auctions are always great places to find properties for sale, and occasionally multifamily homes do turn up for sale in these places. They aren’t as common as single-family homes, but they show up for sale often enough that auctions near you are still worth a look.
Do Your Research
It will take some time, but you might find some great multifamily properties near you if you want to do a little digging. Get a list of properties from your local county assessor. Stick to properties with out-of-town owners for the best results.
Network and Build Your Contacts
Networking is always a great way to succeed in the real estate industry. By building a list of contacts, you can be made aware of multifamily properties for sale that have yet to be made public. Always maintain the best possible relationships with your contacts so that you can continue to hear about properties as they hit the market.
Use the Internet to Your Advantage
The Internet is a great resource for real estate investors who can’t afford to always be on the road looking for properties. Check out online listings, read forum posts about potential leads or reach out on social media to other real estate investors to find some great potential investments near you.