Which FACTS are Most Important when investing in Multifamily
I’m taking the advice of those around me and starting with a Multifamily 4 unit in CT.
Hey BP COMMUNITY,
I want to begin my journey in CT because I know the area and I can use this investment to help my nearby family while generating some appreciation. This will serve as a financial & educational launch pad for larger commercial properties.
I’ve had some difficulty pin pointing the right information for a multi family unit: these have been some of my questions.
What year does everyone recommend the building to have been built?
How would you do a proper walk through of a multi unit without knowing the ins and outs of the construction and rehab industry?
How do you go about finding correct annual financial records of the property? Or would you suggest just using a BP calculator on these smaller deals?
What functionalities of the house need to be checked? Boiler, fire and sprinkler etc...
Who would you have check them?
How would you hedge/prep yourself from not being able to refinance given a market turn?
Would you recommend using an FHA loan for a 4 unit versus placing it under an LLC to avoid some risk and gain some tax benefits?
Lastly, how have you found your past properties? I believe the bigger the better but my capital can only go so far.
I know this is lengthy. But I appreciate any insight into these questions. If anyone wants completely point me in a different direction...I’m all ears.
I’m thrilled that there is a community like this. Look forward to making this long journey a reality thanks to all of your help.