Need some help. Have $200k capital - Very Overwhelmed!
Hey BP'ers, I'm a long term lurker on here. I am very very overwhelmed with all of my options and would like to bounce some ideas off of you guys.
I purchased a 2 unit in Denver, Co Feb. 2014 for $301k. Just appraised for $425k-$440k :-) Going to sell, pull ~$180k+ from it and re-invest.
My goal is to start flipping in 5-7.5 years. I'm going to use my ~$200k capital to invest until than. Either liquidating the unit(s) at that later date or keeping them, using the made income to flip ~$150k houses. I do not mind what state, as long as I can get a good property manager. I currently don't have the time to property manage myself. Also I won't be able to do work on any units myself, without contracting it out.
Financing:
Use the ~$200+ for down payment:
A) There's some guys on the market place advertising low 3% fixed 30+ for a single property $1mil loan value --Seems too good to be true?
B) Only have ~$460k loan allowance for conventional financing at ~4.65%.
C) Commercial ~7% financing for a single property or blanket (multiple units) with a total of $1 mil purchasing power. Very expensive mortgage, but could use the income from property(s) to qualify for re-finance conventional in 2-4+ years depending on property type.
Property options, potentially a mix of a couple:
* Large 8-20 unit apartment complex(s) $500k-$1.1ish - Local or long distance.
* 10+ "turn key" Harrisburg, Pa houses @ $60k - $125k
* 1 or 2 new development townhouse in an upcoming RiNo area of denver for ~$450k, with the hopes of appreciation in 5 - 7.5 years and sell. Barely cash flow, barely break even if 7% financing.
*Commercial warehouse that could potentially rent to MMJ
There's too many markets, too many options, I'm just kind of stuck on what to do and could really use some suggestions from someone more experienced. Thanks in advance.