Multifamily investment properties are very specialized. Just getting a REALTOR that may normally deal in house, condos, and townhouses will not be enough. They will have to be knowledgeable about apartment buildings and should be able to explain:
-cap rates and gross rent multipliers
-projected financials on broker setup sheet vs actual financials
-letters of intent to purchase
-due diligence involved in verifying rents, legal structures, binding long term services contracts, property management, and estoppel certificates
After searching a little on loopnet (5+ units) or through an Mls syndicate (less than 5 units) to familiarize yourself. I'd definitely recommend you find a broker who can help you through this complex and often risky process of buying a multi-family property. Good luck.
PS Rental demand is good in NOC. The rentals I manage are typically rented in 30 days or less depending on asking price.
OC Homes Realty
There is still a demand for rentals. Your looking for houses or condos and town homes? Contact me and let me know what price range you want to stay under and how many bedrooms and a max amount for the HOA fee if you don't mind an HOA. I will get the current information on properties
Ingrid Ski Realtor
First step - Get pre-approved for mortgage financing. Multi family housing have tighter lending guidlines. Will you occupy one of the units? You can expect to put 25% down to achieve 75% LTV if you go with conventional financing. Castle & Cooke Mortgage is a direct lender (important in this environment).
Please feel free to call my cell an discuss your financing options. Cell: (949)212-4578
Castle & Cooke Mortgage
Century 21 M & M Associates