getting into multifamily, have 800k to start
Hi everyone. Thanks for taking the time to read my post.
I'm a Canadian who had been investing in single family home in AZ for 3 years. I have 2 houses, 2 townhouses, 1 condo that I have been renting short term with good success. I also manage 4 other homes on airbnb for friends.
I have recently sold a few of my properties & I have around 800k that I wound like to use & get a small multifamily apartment. I'm not sure if this is going to be enough in the city I currently own in. I'm not afraid to try other states if it makes sense.
What's the best placement of this money off it was you?
My backup plan is to purchase more condos (~200k/each) which gross about 45k/year (net just over half that) and save up until I can afford something bigger.
Ideally I want to stay in the same city with the multi and do a combination of long term and short term rentals.
Thank you for your time.