Where can i buy newer fourplex?

Question

Most of the duplexes and fourplex houses are total rundown in my area,.. Lancaster, PA . Which city do you guys recommend to be able to find newer 2-4 units? Did they stop building those!

Erik Checkur · Answer

Depends on how much you want to cashflow right away, play for appreciation, buy in a developing market, etc... Some of the top cities my investors have enjoyed looking in have been Columbus, Omaha, Tucson, and in the outskirts of Atlanta. There are some solid agents I've had the opportunity to work with in all the places and then some. However, here in Denver and I'd basically guarantee it would be the same in all the states and cities around the country, cold calling off market property owners have been the best for my team here. In the last couple months my buddy has picked up about 30 off market properties in the Colorado area and getting a handful of portfolios and 1031 exchanges. Even if you're looking in other cities, it might even be a great idea to find someone who is connected and has access to those kinds of deals. A lot of times they happen off market, under the radar, and nobody knows the ownership transferred.

Patrick Drury · Answer

@Bishwash AryalColumbus OH is full of small multi-family like 2-4 units

Austin McClain · Answer

Columbus is a good market to look into. It has high application because tech companies have been choosing the city to build their new manufacturing plants.

https://www.fool.com/investing/2022/02/15/why-are-so-many-companies-moving-to-ohio/

Cade Olof · Answer

Tucson is a great market for Multifamily. I own a triplex that I'm currently house hacking and once I move out in a few months I plan on cash flowing almost $1,000 per month off of it. And take not that's with a mortgage that contains PMI, and an operating budget of 10% gross rent towards vacancy, 10% towards repairs, and 5% towards CapEx. Feel free to send me a PM if you want to learn more :)

Remington Lyman · Answer

Columbus, Ohio is a solid market to find 2-4 units but most of them are older

Andrew Garcia · Answer

Hi @Bishwash Aryal, you can do 2 things in this scenario:

1. Build a 2-4 unit property in your area.

2. Find an outside market to invest in.

I would get a quote from a builder on the first and connect with some agents on here to see what an out-of-state investment would look like.

Then, you can do a side-by-side comparison.

Hope this helps! let me know if I can be of any assistance.

Bill B. · Answer

I feel your pain. Las Vegas ones are 80% undesirable as well. I don’t know more than their advertising. But there is FIG. Fourplex investment Group. They build large communities of new fourplexes for landlords to buy and rent out in a few cities.

Henry Lazerow · Answer

I have a 1969 built 4 unit in Chicago and it's amazing almost 0 cap/ex the roof is metal and just needs a $1000 layer of rubber every few years, the heat is electric and super easy not dealing with furnaces or boilers, stair cases are concrete. You will pay a bit more for 1960+ but completely worth it. We have a lot of them in the Rogers Park, Edgewater, West Ridge areas.

Where can i buy newer fourplex?

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