Next Step Apartment Building
Hi, I recently purchased my first home in Ohio (april of this year), a 2 family for 120k FHA 3%~ down. It appraised for 129k.
Recently there have been some HUGE announcements in the area that have lead to a house 4 doors down, smaller than mine selling for 210k (the house that sold is a 2 family about 1900 square feet, mine is about 2300 square feet) The only difference is both of the units were updated where as currently I only have 1 down. I will have the 2nd unit that I reside in finished ideally in the next 3-4 months if all goes well. I'm shooting for winter/spring at the latest.
When all is said and done, It seems very likely that I should have somewhere in the ball park of around 100k to roll into a new real estate investment. This has happened MUCH faster than i had ever imagined and I feel extremely unprepared even though I'm constantly reading up on the topic. I think the next logical step would be an apartment, and based on my limited research it seems for around 500k I should be able to get somewhere around 10 -12 units or so.
My main questions are
1. Would I be better off going in with someone and having 200k to put down on something like maybe a 25 unit building?
2. Is it possible to take the 100k and purchase 4/5 100k properties rather than one 500k~ property?
3. How likely is it to get a commercial real estate loan with 20% down?
Thank you very much!