Investor · Sicklerville · Member since 2020 · 5 posts · 3 votes
Hey All,
I am looking to purchase a multi-family in 2021 and I live in NJ so everything is very pricey up here. So I want to start looking on a national level. Which states do you think I’ll get the most bang for my buck ? I want as many units as I can get for $1,000,000 MAX. Look forward to the discussion :)
If your talking about a commercial multi-family 5+ units I would say stick with NJ. Unless you are paying 50%-100% cash the lender will want you to have landlord seasoning. Along with majority require that the property be within your geographical area to reduce the manageability risk. Some allow for a management company to supersede that requirement but again usually with a higher DP. If your looking for a 2-4 unit than it really doesn't matter where you but aside from rent schedule and rental market demand.
Have you been pre-approved by a bank/lender yet to see what your options are as far as terms.
Carolinas are still good for investment in certain parts. If you mean $1,000,000 in capital vs $1,000,000 levered that'll make a big difference in terms of what you look for. I would caution against going for purely the most units you can get, that could be a recipe for buying something blighted in a less desirable part of town.