Posted by phil fernandez on December 24, 2000 at 08:58:28:
Here’s what I’ve done in the past.
I’m sure you have ideas of what sections of your city has 4plexes and what neighborhoods you’d like to purchase in. You’re right you aren’t going to find deals on multis through realtors. Realtors basically only know single families and selling to the consumer, not investors.
Saying that, after identifying the neighborhoods you want to invest in, go down to the assessors office and get the names of all of the property owners of the 4plexes and send them a letter. A couple of weeks later call them up asking them if they received your letter and would they consider selling. Next in another couple of weeks, go pay them a visit to introduce yourself and thank them for their time.
That’s about it, a three step approach, that will start building trust and repoire with the owners of the 4plexes. I’ve bought some nice multis this way. Not many will want to sell just now, but stay in touch at least once a year and when they do decide to sell, hopefully they will remember you and call you first.