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Updated over 8 years ago on . Most recent reply

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139
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Steven Gillmer
  • Investor
  • Boerne, TX
71
Votes |
139
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Looking to begin purchasing 2-4 unit properties, need guidance

Steven Gillmer
  • Investor
  • Boerne, TX
Posted

Hello all! In an effort to maximize the number of doors that I can purchase with my maximum 10 Fannie Mae mortgages, I have been thinking about shifting from single family to small multi family. The issue now is where because the ones in Nashville, where I live, are out of my budget, and the ones in Memphis, where my current holdings are located, are in areas of town that I avoid. Now I am beginning my research of other markets but I need experienced investors to help. One major concern I have is the state income tax in states like Missouri and Indiana, since there is none in Tennessee.

Anybody have any recommendations on where to start?

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Replied

I would suggest liquidating your SFH holdings, since they have low cash flow and will only slow down your growth, and take the money to invest in multi units that you feel presently are out of your budget. You will need to unload the SFHs to maximise your investments at some point in time anyway so you might as well do it now. Assuming of course that the higher priced multi units have greater positive cash flow.

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