I am a dual Australian/US citizen. I am in the process of selling a house here in Sydney and with the proceeds of the sale, wish to buy a multi-family in NH (probably Manchester). The proceeds of the sale will allow me to buy the multi-family in cash. I am interested in a 4 to 5 unit multi-family that after expenses would net me a minimum of annually $30k and preferably around $40k.
As far as the buying process goes, I am unsure how to make this work logistically from here. It would be hard to make a decision on a purchase if I cannot physically view the property myself.
Also having never owned a multi-family before, and as a loan does not enter into calculations, what are the income/expenses ratio numbers that I should be looking at in order to give the "green light" on any potential investment property?
Hey @Peter Brooke , welcome to BiggerPockets. You definitely are in the right place to get some assistance buying a multifamily. Although it will definitely be harder to make a decision on a house (if the pictures are non-existent of sub-par quality), you can still run a lot of the numbers or get someone to do it for you. I work as a real estate agent specializing in small multifamily investments here in NH (Manchester is my main market area but I do cover outside of it). I'll send you a PM because I'd love to go a little more in-depth about this.
@Peter Brooke welcome to BP and you should connect with @reed goossens who is a a dual Australian/US citizen as well and invests in single and multifamily.
Thanks Joe. Much appreciated.
@Peter Brooke Hi Peter, welcome to BP. I would suggest that you probably would be best served doing a JV with someone on the ground in the states. I am in a similar position and have found a business partner over the last six months and we are now gearing up to do some deals. This is after two visits to the states and lots of research from my end, even as a professional investor here in Aus.
I would be happy to connect with you if you want to chat about things.
Good luck and happy investing!
Hi David. Thanks also for your input. Would love to hear about your experience with this.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing