How much capital does it take to get into multifamily?
And how do you find them?
Ok, I know that's subjective and very vague, let me backup and provide some context.
We started our REI a year ago with one single family property with a popular Memphis turnkey provider on these forums and have been happy so far. However, I get the math, I get that at about $250 cash flow per property, it will take 20 properties to cover our expenses and many more to replace our income.
I see a lot of discussion about multi family helping to scale this process quicker. First, where do you look for them? I look at LoopNet, but I'm sure there's a better process. With our jobs and 2 young kids we don't have much time or energy left over to spend nights at REI meetups and socials, etc. Hence, why turnkey works for us.
We have about $60k available to deploy right now. That sounds like too low an amount to get a decent multi family property. And by multi family, I'm thinking 4 units or more. However, that amount can get us 2 more "Memphis type" properties and continue us on the slow and steady curve. We target class A and B properties as that's what suits our comfort level and risk tolerance. Denver, where we live is out of the question, we clearly can't touch anything here. We don't mind investing where ever it makes sense - hence our one property so far in Memphis.
So the questions are what's the best way to find multi family properties? And what are some opinions on a realistic amount of capital needed to begin looking at class A or B properties? (I know there's lots of variables here, what city, how many doors, etc - I'm just looking for big picture thoughts, stories, or opinions.)
Thanks!