4-8 plex options

[optima]

Hi,

I am wondering the best way to start looking for a 4, 6 or 8 plex to purchase? It will all depend on the price at this point.
I would love to look in Burlington, Oakville or the Port Credit area. What resources are best to utilize?

Thanks for any feedback.
Dan

 

[housingrental]

Go to mortgage broker than a realtor ?

 

[invst4profit]

Line up a good real estate lawyer and accountant as well if you plan on buying multiple properties and they will advise how to structure your purchases to best fit your plans.

You need to shop for the right realtor. Most sell to home owners and do not have the slightest idea how investors buy properties.
Assuming you know exactly what is required, evaluating cash flow, due diligence, structuring an offer etc, sit down with several Realtors and chose the best fit from the lot that understands how to buy investment properties.
The biggest problem I have found is that most refer to all income in excess of taxes and debt payment is positive cash flow. Nothing could be farther from the truth .

It would also be to your advantage to study up on the are of negotiation. This will come in very handy when dealing with both the seller and your real estate agent. You will find yourself negotiating with both during the process.

 

[jwilbrin]

QUOTE (invst4profit @ Jul 17 2009, 08:23 AM) You need to shop for the right realtor. Most sell to home owners and do not have the slightest idea how investors buy properties.

invst4profit is right. A lot of residential realtors do not have sufficient knowledge and experience when it comes to multiplexes. (I do not put REIN realtors in with this lot as they have received the proper training through REIN).

If multiplexes are the investment route you want to go I highly recommend dealing with a few good COMMERCIAL realtors. Commercial realtors receive the training and experience required to properly evaluate multi family investment properties.

The reason I recommend working with a few different commercial realtors is because the commercial side is quite different from the residential side -- Most medium and large mult unit buildings are traded on the commercial side and many of them are not listed on the Multi Listing Service (MLS). They trade hands privately. A lot of the comm realtors will shop the properties out to their own clients or to other comm realtors; once that route has been exhausted and no sale occurred then they will list the property. Most of the best properties are never listed because they sell quickly.

After I established relationships with trusted commercial realtors I was amazed at the quality of properties they were bringing to me. Properties you never see on the MLS system.

 

[amurthy]

QUOTE (jwilbrin @ Jul 17 2009, 09:42 AM) I highly recommend dealing with a few good COMMERCIAL realtors ... receive the training and experience required to properly evaluate multi family investment properties.

Point well made.
Any references to good COMMERCIAL realtors that you`ve had experience with?

Thanks.

 

[housingrental]

Anandam - It`ll depend on the location your looking for... Presumably Toronto and not Calgary ?

 

[amurthy]

Adam,
You presume

correctly
Toronto it is.
Thanks, folks.

 

[optima]

Thanks everyone for the great feedback. This really helps. I`ll have to look further at this membership as the support and knowledge is amazing.

Dan