Hey! So I’m a week away from the money involved in a cash out refi hitting my account. I’ll have around 46,000 ready to go and I’m ready to take the leap.
I live in Tacoma, WA and the markets up here are not going to work for my goals so I’m trying to set up something out of state. I’d like to get started in multi family with high cash flow and not to focused on appreciation at all.
What markets should I be considering where I could even find a multi family with this amount of money available for down payment? I would like to talk to some agents and property management once I get the location dialed in here. My guess it it’s gonna be pretty hard to find what I’m looking for with this amount of cash, but any and all advice and recommendations would be extremely helpful.
Thanks for taking the time to read this!
There are definitely some markets where that is possible to get multifamily in that price range. I would start looking into a few markets that match your REI goals and then start having conversations from there. @Kevin Hintz
Try Detroit! You can follow our City * Neighborhood Deep Dive series blog here on BP
@Drew Sygit I’m highly interested in the Detroit area and I’ll go look for the deep dive! Thanks for the input.
I've purchased over 30 SFH rentals in Detroit over the last 6 years, most of which I own free and clear. Some of them I've bought tenant occupied. Most of them I bought distressed, rehabbed, and rented. I've helped a dozen or so other investors get started in the market, as well. We have a full-service team in place to help investors (in-state and out of state) earn passive income investing in Detroit.
As I’m writing this, most of the properties we are purchasing right now are in the $40k-45K (purchase and rehab) range and rent for $800/month. After PM, taxes, insurance, and maintenance, we typically bring home $500/month on average, per property.
If this sounds like something you'd be interested in or if you have general question, let's connect.
@Lamar Lee This sounds like the exact thing I’m looking for right now! I’ll message you right away.