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, leave that blank. Look down at the bottom of the screen for the section titled “Keyword”. OK, now here is where you can start to get creative.
Forget about where you want to buy properties. Think about what type of properties you and your investors are looking for. Bank owned? Distressed? Seller financed? Hmmm, that’s a good one. Let’s do a search for Loopnet deals that use the phrase “seller financing” in the description. Just type it in and hit enter.
Here’s what came back for me – 25 pages and over 500 properties that meet that criteria. Sound good? Now let’s take it one step further. Remember, this is a race. You have to beat out the next guy.
So how can you have an edge over your competition? Simple, use the “Save This Search Set Up Email Alerts” function on Loopnet and every day, if a new listing comes on-line that has the words “seller financing”, it will pop up in your inbox.
So get creative. Think about other keywords that might work. Here are some of the ones that I use: motivated, rehab, reduction, second (though this one brings me every property on Second Street its intention was to show me all properties where the owner would do a second mortgage) value add, bank, short sale, owner financing.