I want to get started with investing in Multi-Families, but don't have much money and live in a very expensive area (Los Angeles). Spent the past few months saving a bit (<5k) and was looking at out of state options.
What markets are good for Multi-Families (Under 100k) that you recommend I look into?
I have been reaching out to property managers for recommendations to connect with realtors in some areas I am interested in - is this the right approach?
Please help - any guidance is much appreciated.
I'm in a similar situation - live in Los Angeles, but have been looking at rental properties in other areas. My recommendation - take a look at Indianapolis and KC. Great cash flow opportunities out there. Just keep in mind all of the things that can be more difficult out of state (will need a property management company, but finding the right one can be tough).
Best of luck!
There are lots of people in Cal that feel the same way all over B/P. There are all kinds of deals out of your back yard you will discover here on B/P. or somewhere I am sure. I have made some great connections to inventory here on B/P. Good luck.
@Tyler Wade Thanks for the heads up!
Thanks @Steve Haight I'll definitely keep an eye out. There are some properties under $100k i saw more inland but i don't feel confident about the local economies in the areas these properties are located.
I am somewhat in the same position. Living in the NYC area with not a whole lot of my own capital. While I analyze deals in my surrounding area, NJ, CT, PA, NY, I am focused on getting in front of equity partners. I go to local REIA's and meetup events and just network. Try to build relationships with your team members or start building your team. I have been through many brokers and some I get along with more than others. I have been getting a good response from loan officers and insurance agents too. I just try to think of who might be seeing deals regularly. Real estate attorney's would be great too!
My goal is to develop relationships with high networth investors that understand real estate. You would most likely need a sponsor on your first few deals. A sponsor will have a networth beyond the value of the loan and also liquidity to cover debt service. I've seen around 9 months needed to be on hand, but I think there are many more experienced on here that could gve a more accurate answer,
Best of luck!
Well everybody you're in luck. I am an investor/wholesaler in Orlando and I have found many small multifamily all over Florida at some really great prices. It all depends on your taste for rehab and management. But I there are companies that can handle all that for you.
I'm interested to hear about some of the multifamily properties you've located in Florida.
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