Buying multifamily help

[Jorge Jorge]

I found an out of state multi-family 120k asking, 1385 monthly gross income , 555 net monthly income I was wondering if this is a good investment? if so how can I go about it when it comes to hiring the right real estate attorney and inspectors to look at this property In this said other state ?

[Joseph Cacciapaglia]

On the surface, that rent to price ratio looks good. However, I've found that in many markets, properties with rents below $1K per unit are very hard to own profitably, regardless of what the cash flow looks like on paper. This is due to the expense of unit turns, and the fixed cost of things like water heaters and HVAC systems. There is a lot more information that you'll need to look at other than gross rents and asking price to decide if it's the right investment for you.

As far as finding a team, I'd suggest connecting with other investors in the market and asking for referrals to those services. Many investors are happy to share most of their service providers. Whenever I've invested in a new market, I've always started by finding the team, and then looking for properties. Out of state investing is tough, and your success or failure will depend almost entirely on the connections you make in that market.