7 years to 7 figures - Year 5. What to do?
I've been investing in a few SFHs for years. I decided, about a year ago, that I wanted to take my investing to the next level and get an apartment building. I've been trying, off and on, to figure out how to do that ever since. (Had some time eaten by little things like planning and having a wedding, buying a house with my fiance / husband, moving, changing jobs, etc.) So I'm back to it and itching to get going. My research finally led me to discover BiggerPockets and its wealth of knowledge. I read the 7 Years to 7 Figure Wealth eBook, and it looks like I'm basically ready for year 5, my first apartment building. Even without selling anything, I have:
~ $100k cash
~ $140k HELOC
I've heard about moving IRAs into self-directed accounts, and then partnering with them through an LLC. If I were to do that, I would have access to another ~$250k.
My questions are these:
1. In Denver (where I am), I could only get maybe a 4plex for $1million, not nearly the 24-plex that 7 Years to 7 Figure Wealth describes. Do any of you have recommendations as to areas I should consider, and if so, why?
2. I've heard that if I go the route of using my IRAs as funding, I would not be able to consider a commercial loan, as banks typically won't loan to LLCs. Is this true? What would be the advantages and disadvantages of using self-directed IRAs? I'm fine with going a bit smaller for now and trading up in a few years, if there are advantages to that, but I'm also fine with jumping in with both feet now.
3. How do I go about finding my dream deal, once I identify what my dream deal actually is? What sites should I be frequenting, what network connections should I be making?
Thanks,
Lynae