Frustrated in MF Acquisitions working to find off-market deals...
 Started working on the principal side of MF July 2020 coming from a land/retail broker and cant seem to land a deal with the seemingly endless amount of owners who either aren't selling, asking too much, or cant ignore going to market to bid up their property where cap rates are getting ridiculous... any thoughts on this market/advice would be appreciated, Thank you.
[{"id": "hifnn9z", "text": "These are inflated MF times. Lots of demand\u2026. How many units?", "replies": [{"id": "hifo2y0", "text": "150+", "replies": [{"id": "hifo7pn", "text": "Yeah\u2026. It\u2019s competitive\u2026 in a good city/area?", "replies": [{"id": "hifq1n1", "text": "I have 160 MF units in one building, but no retail...  market seems to be wild for it right now.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "hifo9fw", "text": "Yep, maybe mixed use MF w/ empty retail space(s) that you can lease up?", "replies": [{"id": "hifppax", "text": "mF is good in the right cities, but the retail is hard right now.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hifvadq", "text": "The market is what it is, you can't change that. What you can change is the number of deals that land on your desk (or kitchen kitchen with COVID-19...)\n\nWhat have you tried to source/look at more deals?\n\nCompletely understand your frustration!", "replies": [{"id": "hiyfh4i", "text": "Any recommendations on where to look for off market?", "replies": [{"id": "hj07zld", "text": "If a deal is off-market, it's by definition not accessible to most. You can 1) speak with brokers (although you'll need very strong relationships there) or, 2) hack something together - for instance, I'm building a algorithm that ranks the likelihood of a property to be for-sale within a quarter, using market patterns. That will increase the likelihood of a conversation with potential sellers.\n\nHope this helps.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hifvv49", "text": "I mean I get so many calls I just throw outlandish numbers to be left alone", "replies": [{"id": "hifzzqx", "text": "May I ask what market(s) you primarily invest in?", "replies": [{"id": "hig02dl", "text": "Only Nashville", "replies": [{"id": "hig0hs8", "text": "If it makes you feel better, the data we look at really shows Nashville at the very top, growth-wise. If you came to markets like NYC and SF, you'd find more opportunities (pricing-wise) because the demand isn't fully back.\n\nI am growing a company that enables top down property analysis - unfortunately we're not in Nashville yet, so I can't provide a free trial.\n\nGood luck with your property search!", "replies": [{"id": "hig0u10", "text": "I just do deals usually with people I know and have 220 units and 235 storage units room for 800 and honestly blue states caps rates too low I try to buy 10-15 caps mostly mobile home parks and when people call me I tell them I\u2019ll sell it at like a 2 cap if not I\u2019m just gonna keep managing and get that income", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hig7a8h", "text": "Am i the only idiot who read this as \u201cFrustrated in Motha Fuckin acquisitions\u201d?", "replies": [], "depth": 1}, {"id": "higbodh", "text": "Practice on your art of finding deals. Here\u2019s a great article to help align your efforts https://attentivesolutionsllc.com/home/f/how-to-scout-deals-a-real-estate-investors-playbook", "replies": [], "depth": 1}, {"id": "higku9s", "text": "Are your parameters in line with reality? I'm a broker on the east coast and sent an off-market deal to a MF acquisition analyst. 64 units,10-cap, 1980's construction, tertiary market, which is exactly what she asked for. \n\nShe comes back and tells me she likes the financials, but hates the market. Told me she'd be interested in similar deals if they were in better locations, maybe like Naperville Illinois. I had to resist laughter. I'm sure you're more realistic, but it can be hard to pay today's price, when you remember the \"good ole days\" of early 2010's cap-rates.", "replies": [{"id": "hignkrn", "text": "Where the hell is anyone seeing a trade on a 10 cap? Even way down market attainable housing is trading down to a 4 to now solve to like a 7.5-8% unlevered yield.", "replies": [{"id": "higqvzw", "text": "Northern Maine lol. 10 caps are out there, but they're not in affluent Chicago suburbs.", "replies": [{"id": "higruat", "text": "This is the going in cap?", "replies": [{"id": "higugoe", "text": "Yes, I'll send you the OM if you really want to take a look", "replies": [{"id": "hih2s3b", "text": "I\u2019d be interested in seeing an OM.", "replies": [{"id": "hih2xw0", "text": "PM me", "replies": [], "depth": 7}], "depth": 6}, {"id": "hih3g0g", "text": "Can you send me the OM too? We specialize in high yield, tertiary markets. Thanks baus", "replies": [{"id": "hihy4du", "text": "Sure haha. Send me a PM", "replies": [], "depth": 7}], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "higuqwu", "text": "It\u2019s just that point in the cycle\u2026\nEspecially value add. You are seeing Cap Rates on VA lower than that on new dev lease up deals. The market is red hot. But use this time to cultivate relationships with good brokers because we are starting to see some whiffing on BOV pricing and owners are starting to get discouraged. Maybe look for some mark to market deals. \n\nAll the bridge and debt shops have helped increase / prop up pricing. You don\u2019t want to be the last guy holding the bag when the music stops. \n\nStay vigilant and disciplined.", "replies": [], "depth": 1}, {"id": "hih2nn0", "text": "During normal times I would be buying or developing MF properties, right now I am an lp in some deals and buying commercial office and industrial properties. It\u2019s still weird times", "replies": [], "depth": 1}, {"id": "hii0q6o", "text": "What area are you looking in? I have a large property a little over 175 units in Texas I just took out to market. Under 50/door and cash flowing", "replies": [{"id": "hii5mmr", "text": "Man. That\u2019s gotta be a small town or rough C. Even Lubbock is at least $65/door now!", "replies": [], "depth": 2}], "depth": 1}, {"id": "hiib5oc", "text": "Survival of the fittest. Not everyone is cut out to be a broker.", "replies": [], "depth": 1}]