Multifamily homes have been a long-sought commodity for real estate investors. They offer some of the best property deals and the potential for profit down the line. Of particular interest to savvy investors are multifamily housing properties that could be bought below fair market value. The owner is often motivated to sell the property right away, and as an investor, you can avoid broker fees by dealing directly with the property owner instead of an agent.
The search for a multifamily home for sale in Fort Wayne, IN, for less than fair market value takes some work and research. You’ll need tools and to develop a working strategy to get it done. Here are a few tips.
Ask Around
The search for multifamily properties at less than fair market value often means marketing yourself as a buyer interested in these properties. You want to reach out to those looking to sell and interested in working with you. Direct mail campaigns, leveraging contacts, asking around, and online prospecting can yield lead opportunities. You have to be prepared with the possibility that someone will contact you looking to sell an unsafe or underperforming multifamily building and stick you with their headache. Be sure you check out the property carefully and don’t get too attached to your new investment.
Be Patient
Multifamily residential properties for sale can be hard to come by, and those properties selling for less than market value may be even harder to find. Sometimes, you’ll just have to be patient until a property comes available that grabs your interest.
One tip is to watch out for multifamily homes that have been on the market for a while. You could land a great deal if you’re persistent enough to find an owner willing to sell at a lower price. The owner may not be interested in a deal for less than market value, but it’ll be worth the wait for a multifamily property that you believe has great income potential.
Foreclosures and Auctions
Another route to take is to check out foreclosed properties and properties up for auction to invest in. You may have to take more of a risk in pursuing this option, though. The buildings may have repair issues if owned by individuals who could not keep up with the mortgage, and there may be other complications to consider. But if you’re committed to finding a deal on a multifamily property among homes for sale in Fort Wayne, IN, something in the foreclosure or auction market may be an option to consider.
Investments with Potential
You should consider investing in multifamily housing properties that are listed below fair market value. It requires some patience and risk on your part, but you can establish a foundation for a profitable real estate portfolio built from acquiring multifamily properties at a great price.
When checking out a home for sale in Fort Wayne, IN, that you’re interested in buying, make sure it’s built by Lancia Homes. Custom-built Lancia Homes are made with the best materials and incorporate the latest energy-efficient designs. Consider Lancia Homes when you’re ready to buy a new home. Call 260-489-4433 today to speak with a Lancia Homes agent.
