Getting into commercial MF

[John Gach]

Hi there, Im a pretty new investor, I have a 4unit rental that I am currently renovating, I’m hoping to have it done this summer and fully rented, my loan is 100k on it, I believe the building will be worth around 200-250k when I’m done with it and fully rented. Should cashflow around 2k/month after expenses.

The plan is to refinance, pull out hopefully around 100k and maybe use that money for a commercial property/Multifamily with the most amount of units to try to get the best return on it, get freedom and move from New York(Buffalo) to maybe Florida.

I don’t know if I’m better off buying the large commercial multifamily where I am currently, Buffalo New York, or buy in Florida where eventually I would like to move.

Not sure if 100k would be enough to make it happen and find a good property, I suppose it would be roughly a 500k property so probably not going to be very big. If I’m lucky I might have an additional 100k so I could have 200k down payment.

I might be just dreaming here but it’s what I would love to do.