Finding First Multifamily - Posted by East Coast Tony

Posted by Andy on May 04, 2006 at 10:09:47:

The list was just a list of all properties between 5-10 units, in my town(Columbia,MO), had an assessed value no higher than 250k, list also included name and address of owner. They were not in foreclosure or anything like that. I bought it from a couple who had built it 30 years ago and had retired 2 hours away and didnt want to manage it anymore from that distance.

Sale price, about 213K
Actual monthly rents, $2480
Market monthly rents, $3080

Finding First Multifamily - Posted by East Coast Tony

Posted by East Coast Tony on May 03, 2006 at 11:08:20:

(I posted this also in the main group, I hope its okay
in 2 places)

Hey Guys,

I love all of the posts and articles, this place is great! I have been flying through different real estate investment books and think that for me my first deal should be a multifamily property, residential or commercial. I have some money in the bank and could probably get a good partnership with a few investors. The problem I am having is a good property. The ones on MLS and loopnet just aren’t that great. Do you guys have any good strategies for hitting the rest of the market? I’m dying to get started. Thank you for the site and insights!

Tony

Re: Finding First Multifamily - Posted by Andy

Posted by Andy on May 03, 2006 at 22:40:34:

I just closed on my first commercial sized multifamily(7 units). I also did not see any good deals on the mls or on any other pulblic forum. I ended up going to the county assessor and finding out that they would print of a list of properties that met my criteria for $25. I got this list of about 130 properties in my area and weeded out some that still did not meet criteria. I mailed each of the property owners a letter stating I might be interested in buying there property. Out of 80 letters I got about 8 calls and bought 1 property of the last call. I’m confident I bought the property for atleast 20% below market value. I just closed last wednesday. Heres a pic.

http://i30.photobucket.com/albums/c304/andymoe01/DSC00115.jpg

Re: Finding First Multifamily - Posted by JC

Posted by JC on May 04, 2006 at 24:19:07:

Where these props in forclosure or something? What kind of list is it? Thanks

Re: Finding First Multifamily - Posted by JC

Posted by JC on May 04, 2006 at 24:17:18:

Congrats.

Where is prop. located, how much you got it for?