Buying Apartment Buildings
Hello BP! I am looking for some advice and guidance, hopefully someone can help me. I currently live in Queens, NY and will be moving upstate to Rochester, NY early next year. My husband and I own 3 two family homes in Rochester and we love the area and the market is much more affordable than Queens. Our co-op is paid in full, I did some research and spoke to my agent and she said we can get a minimum of $250,000 for it. My question is what would you do with $250,000? I have enough money saved as well to purchase a home to house hack with my husband as soon as we move there. I have been doing a lot of research on purchasing apartment buildings and I am thinking of going that direction, possibly BRRRRing it. What do you guys think, what would you do? I am open to other areas such as Buffalo and Syracuse as well. Any advice is appreciated!
Most Popular Reply
Hi @Lucia Lilac. Congrats on your success! Multifamily is a strong, recession resilient asset class to be in and one that I invest in myself. If you're looking to use that $250,000 to passively invest, I would suggest reaching out to several syndication groups to start building relationships and seeing their deal flow.
If you're looking to actively invest in apartments, then I think education is the first step. There are a lot of books and podcasts that will help teach you the basics to get you started. Then, I would suggest finding and experienced mentor and/or partnering with an experienced operator to take down your first deal. That $250k will be a big help in providing enough value to another investor to find your way onto a GP.
Reach out if you would like to chat more. Good luck!