Looking for a small multi family 3-8 units

14 Replies

Hi all, I’m a rookie investor. I’m looking to make my first out of state property purchase. I am looking for a small multi family property, between 3-8 units. I’m open to a light to medium Rehab. I am not opposed to inheriting tenants.

I’m looking for agents in North Carolina (preferably around Asheville or Gastonia) and South Carolina (preferably in the upstate) I have family in Spartanburg and Greenville. Looking to buy within the next 12 months.

Hey so great that you are starting your RE journey!   There will be a difference in process for a purchase with 4 or fewer units and one with more than 5.   The more than 5 units will be commercial funding...  and that is a whole different ball game altho totally doable....  I own an 8 and a12 unit building  - both with commercial financing. 

You might end up with a commercial agent and a SFH agent which might make things cumbersome ?

Also, doing a rehab OOS is not something I would want to try even tho I have experience rehabbing. So many things can go wrong.   Also, for commercial funding they will want the property 90% occupied for at least 90 days before they will put a regular loan on it.....   but there are other loan options. 

You might contact a commercial agent and a commercial loan broker to see what is possible! Good luck! 



eta: silly broken "n" makes for fun reading!

@Nicholas Stolfa Ryder

Hi Nicholas!

That’s awesome that you’re looking to get into real estate. I’m an agent in the Charlotte/Gastonia area (can also work in Asheville) and I would love to help anyway I can! I mainly work with investors looking for investment properties. I’d love to talk more with you about the market and your plan!

Nick

@Mary M.

Thank you for the feedback. I am aware about the change in financing when you got above 4 units. Currently I am reaching out to both commercial and residential agents. Just casting a wide net because you never know who you can find In these forums! I also understand you point of view in the rehab, the reason I’m more comfortable with it in these areas is because my step father is a contractor not far from these areas mentioned and will likely be a partner on the right deal and will look over the rehab.

What’s your budget? Asheville market is very slim when it comes to multifamily, and the price point is pretty steep compared to some immediately surrounding areas. Best to focus on some towns slightly outside Asheville (as in, a 30-60 min drive) for more affordable options. Then again, maybe you have an unlimited budget.. who knows! :)