Mc Lean, VA · Member since 2016 · 1 post · 0 votes
I am a newbie to real-estate and interested in exploring multi-family or 4-plex investments. I am currently based in the fremont / pleasanton area in california. I am looking for options in 1 - 1.2 M range and would like something relatively close which makes it easier to manager. I would be comfortable with 25-30% down payment and will be looking for some financing. Guidance which I am specifically looking for includes -
1. Is it possible to find multi-family within my investment range?
2. Is financing possible? - Assuming decent to strong earnings history and annual income.
3. if possible, how and where do I look for such properties?
1. I've never heard of a market where you can't find what you're describing within a ~2 hour drive.
2. In short, yes. Longer version, you should start contacting some local mortgage brokers and going through a sample of what you would be looking at. They can usually give you pretty quick prequalification letters that will confirm how high you can go on price (which will be helpful when you start making offers). If you're sticking with 4 units and under you should be eligible for residential loans, which even as an investor generally have favorable terms and amortization periods.
3. This may seem almost too obvious, but contact local RE agents and sign up for MLS feeds. It only takes them a few minutes to set up and having a new potential buyer will be well worth it for them. Start getting a feel for what specific neighborhoods you like by going to open houses and setting up showings. Once you do this enough and run the numbers on enough "sample" deals, you'll know pretty quickly once a good deal hits and you can pounce on it. It's getting harder and harder to find MLS deals but they are definitely still out there.