It’s summer 2020, and also a good time to add multifamily investment properties to your portfolio because money is cheap and there’s never been a better time than right now to buy.
The big question is how and where to find deals? With the Real Estate market changing in many cities nationwide, it’s not as easy to find multifamily properties for sale as it was in the past.
Thankfully, in this article, we will share with you several strategies for finding multifamily investment properties for sale in your city and across the United States.
Step 1 – Use the Internet to Search for Multifamily Investment Properties
Since we live in the Internet age, the first and most obvious way to find multifamily properties is by searching on the Internet.
There’s nothing like being able to have dozens of leads at your fingertips at any given moment but which websites should you be using?
Here are a few sources that I recommend for finding multifamily investment properties online:
www.hotpads.com – This website is one of the most popular sources for finding properties for sale nationwide, especially duplexes for sale Just use their search filters to find the right property for you.
www.loopnet.com – Another popular website for finding multifamily properties, LoopNet has over 500,000 listings and it’s become one of the “go-to” websites that most investors use for finding commercial properties online.
www.bankforeclosuressale.com – After LoopNet, another popular listing platform that you should be checking weekly for new listings is Bank Foreclosure Sale. This website offers plenty of listings including commercial foreclosures, duplexes, tri-plexes, and apartments.
www.zillow.com – Since it’s been online seemingly “forever” now, Zillow has also become one of the most trusted websites that investors use for finding commercial properties. What’s cool about Zillow is that you can also break down your search and lookup properties using filters like foreclosures, new construction and FSBO. These filters will save you a lot of time so be sure to always utilize them when using Zillow, regardless of the type of multifamily property that you’re searching for.
www.openlistings.com – Ready for another way to find multifamily properties online? If so, check out the platform on Open Listings. This site offers a convenient search bar that will enable you to find plenty of listings including fourplexes and you can also drill down your search by searching for properties by their lot size and characteristics as well.
www.ten-x.com – The Ten-X platform is without a doubt one of the best platforms online for searching for apartment buildings for sale. I like their platform because you can also do a search based on a variety of other criteria including units, net lease, and financing. With this website, you can also do a variety of other things that you can’t do with other websites including taking care of due diligence and even closing online. We recommend that you save your search criteria on Ten-X because this will make it easier for you to use their platform the next time you want to search for properties.
www.apartmentbuildings.com – I’ve given you a lot of options for searching for multifamily properties online and another excellent option that I recommend is apartmentlistings.com. This website rocks because you can use it to search for 5+ unit buildings and it’s also possible to break down your search by lot size, condition of the property, price range and of course location.
www.crexi.com – Ready for another great website for finding investment properties in 2020? If so, check out CREXI. On this website, you will be able to find a variety of options for searching for multifamily properties for sale, including the option to search for apartments by lease type, property size and price but what’s best of all is that you can also search for properties by class type as well and this is going to save you a lot of time!
www.cityfeet.com – It’s called the “sister site” of LoopNet but, the reality is that it’s a site that stands on its own because with City Feet, you can drill down even deeper with your search and find properties based on location, price, function, tenancy and of course size. I also enjoy using this site because I can break down my search by characteristic and find properties in specific areas that may not be available on other websites.
Step 2 – Hit the Road
Besides searching the Internet, one of the time-tested methods for finding multifamily properties in 2020 is to hit the road and search for properties that may be for sale in the city or town that you’re interested in finding an investment property.
During the process of driving around in search of multifamily properties, it’s best to also keep on the lookout for properties that may be in distressed condition because this is an indicator that the owner may be in a financial position where they have to sell.
Step 3 – Visit the Local Court House
After finding some properties in the local area, you can take your research a step further by finding out who the owners of those properties are by looking up property tax records at the local courthouse. These records should also be easily accessible online but may cost more than what you would pay if you visit the local courthouse that’s in the same city or town where the multifamily property is located.
Remember that during the process of searching for multifamily properties that success is a numbers game. This is why you shouldn’t hesitate to find as many properties as possible because it’s possible that you may analyze up to 100 properties at a time, bid on 10 properties then ultimately close on one property but the results will still ultimately be worth your efforts.
Last of all, remember to start building your database of multifamily properties now, especially if those leads have indicated that they don’t want to sell. Why? Situations change and it’s possible that just because someone tells you no that they don’t want to sell right now, the reality is that they could be interested in selling 6 months or up to one year later.