#325: An Intensive Deep Dive into Sourcing Multifamily Deals Direct-To-Seller With An Investor Buying 60+ Deals/Year with Ryan Corcoran

In this episode of The Multifamily Wealth Podcast, host and longtime colleague Ryan Corcoran shares his evolution from a medical professional to a high-volume real estate investor focused on direct-to-seller deals across New England. Starting with a duplex purchase that yielded a windfall, Ryan pivoted to multifamily investing in 2018–2020, capitalizing on low interest rates. However, rising rates post-2022 forced a strategic shift toward a transactional model—buying, flipping, and wholesaling 60–80 deals annually—while holding only the most desirable properties in strong markets like New Hampshire and northern Massachusetts. He emphasizes that deal sourcing is the core lever, with direct mail, cold calling, email, and Google ads as key channels. His success stems from persistent follow-up, relationship-building, and targeting motivated sellers through court records, probate filings, and evictions. Ryan stresses the importance of being a local, trustworthy buyer who understands emotional motivations, especially in multifamily deals where sellers care deeply about tenants and legacy. He also highlights the growing challenge of securing reliable contractors and managing operational infrastructure at scale. Looking ahead, he remains cautious on multifamily due to tight spreads but sees opportunity in off-market deals and transactional strategies that generate quick capital for reinvestment. Key takeaways include: (1) Focus on direct-to-seller marketing using free public records like eviction and probate lists; (2) Consistent follow-up over years—often 3–5 years—is essential for closing off-market deals; (3) Build trust through personal, handwritten outreach rather than corporate branding; (4) Prioritize properties you’d be happy to own long-term, not just those with quick exits; (5) The transactional model (flipping, wholesaling) generates faster capital than buy-and-hold, enabling reinvestment and portfolio growth; (6) A strong contractor network is a critical bottleneck and competitive advantage; (7) Avoid overpaying for properties in weak markets, even if they appear discounted; (8) Use CRM automation to manage leads, but start simple—Google Sheets and personal outreach work fine initially.