Looking For Advice on Finding First Multi-Family Property
Hello fellow BiggerPockets Investors,
My wife and I have invested in single family rental properties for the past 9 years and we're now looking to 'graduate' into multi-family. I have decent equity in our 7 current single family properties, and I'm looking for the best way to tap that equity for a down payment on a multi-family property. Commercial loan, cash-out refinances, HELOC? What do you think?
Also, I'm trying to find a good market for multi-family properties. I currently have 3 rentals in the metro Phoenix area, 2 in Orlando, 2 in Tampa and my personal residence in Austin. What locations are you guys currently buying multi-family in?
Thanks in advance for your help!
Kevin Smith
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#2 Multi-Family and Apartment Investing Contributor
- Rental Property Investor
- St. Paul, MN
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#2 Multi-Family and Apartment Investing Contributor
- Rental Property Investor
- St. Paul, MN
Personally I would either sell and 1031 exchange or refinance the properties and pull out equity or just raise private money for the deal.
For markets, I like Orlando and Phoenix area. Other markets I like are Dallas, San Antonio, Jacksonville, Savannah, Columbia, SC, Indianapolis, Louisville, Cincinnati, Columbus, Oklahoma City, Tulsa.
The other option is to wait a month or 2 and start looking for flooded properties in the hurricane zone.