What are the biggest mistakes you should avoid when investing in multi-family properties? Hear that answer and much more in this awesome podcast interview with Charles Dobens. You can listen to it by clicking here.
If you have been following any of my articles or have seen me speak before about multifamily investing, you know that one of my favorite lines is “Loopnet is where deals go to die”. You also know that I feel that Loopnet is not where new multifamily investors should be spending much of their time.
But that does not mean that I do not use Loopnet as a tool in my business on a daily basis.
It’s how I use Loopnet differently than every other investor that makes the difference. Here’s what I mean. Most investors use Loopnet to search for properties in a specific geographical location. Everyone is quickly schooled in the search feature for Loopnet to drill down on that location that is supposedly the next emerging market.
But instead of searching for properties based upon the geography, use the search feature to find properties based upon certain keywords.
Here’s what I mean.
Go to the Search Properties for Sale link. Instead of typing in a location,...
I was working with a multifamily investing client the other day when he started complaining about how there is no good way to find multifamily deals because all the "good places" have been picked over. That's when I realized that he did not know how to use Google to find multifamily deals.
I asked him what he considered was a good place and he proceeded to lay out there the usual suspects - Loopnet, Costar, blah, blah, blah. I asked him have you ever just tried using Google to find deals? He had no idea that you could do that. Well, you can, provided you know how to use Google correctly.
So I decided to lay out a few pointers as to how you can search for deals on Google. After I showed him these tools, he totally changed his tune as to how to look under every nook and cranny.
Here's what you should do. In this example, I am using 'multifamily investing' but you can use...