Need your advise on how to Start Multi Family Investing

Investor · Irvine, CA · Member since 2023 · 8 posts · 0 votes

Hello. I need some guidance. I am new here in Bigger Pockets and I purchased a rental property in San Antonio, Texas back in 2019 with little knowledge back then, in real estate. Now the property is about $300,000 as per Redfin estimate and I still owe about $150,000 with the bank on this loan. It has positive cash flow of $150/month. What do you suggest I do if I want to start investing in multi family? Really appreciate your advise. Thank you in advance.

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Charles Carillo
Rental Property Investor · North Palm Beach, FL · Member since 2018 · 2k+ posts · 1k+ votes
2y
@Rina Boidon
I personally would probably keep a cash-flowing and not management-intensive property. I have found that some properties I have purchased run smoothly, and others, no matter what I do, don't, and those are the ones I sell. There is no rule about selling single-family rentals before getting into multifamily. I would start your multifamily investment journey now.
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Mike PaolucciBusiness Member
Realtor · Columbus Cleveland Dayton, OH · Member since 2022 · 499 posts · 553 votes
2y
If you can find a local multifamily to house hack with FHA loan, do it.
I would also keep the current property you have an maybe look into how you can utilize your equity (HELOC-make sure you connect with a lender about what this will look like for you) to buy additional properties.
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Rina Boidon
OP
Investor · Irvine, CA · Member since 2023 · 8 posts · 0 votes
2y
Quote from @Charles Carillo:

@Rina Boidon
I personally would probably keep a cash-flowing and not management-intensive property. I have found that some properties I have purchased run smoothly, and others, no matter what I do, don't, and those are the ones I sell. There is no rule about selling single-family rentals before getting into multifamily. I would start your multifamily investment journey now.
Thanks for your response, Charles. I appreciate it. Yes, I am excited to start my multifamily investment journey.
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Rina Boidon
OP
Investor · Irvine, CA · Member since 2023 · 8 posts · 0 votes
2y
Quote from @Mike Paolucci:

If you can find a local multifamily to house hack with FHA loan, do it.
I would also keep the current property you have an maybe look into how you can utilize your equity (HELOC-make sure you connect with a lender about what this will look like for you) to buy additional properties.
Thanks for your response, Mike. Yes, I think I would like to explore on HELOC. It seems like it is the best option for me.
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