I am searching for my first investment property. Has anyone’s first property been a multifamily property? There are 2 fourplex buildings that are for sale but asking above market value on each of them. One is valued at $183k asking $215k and the other is valued at $215k asking $255k. They are in great condition and in B class neighborhoods. As a first time invester would this be too much to take on even if I could get both properties for under market value? How could I get both properties? I don’t have a huge cash reserve, ($15k). But I don’t have any debt other than my mortgage which is a $100k mortgage on a 15 year fixed. I make $100k a year at my full time job. Any advice?
@Brock Best There is nothing wrong with starting with a small muti family property. That said I don't think you are in a position to pull them off without a partner or private lender.