New Investor looking for Ideas/Help
Hello all,
I have recently been looking into the market of upstate SC (Specifically, Greenville to the edge of Spartanburg) for a small multifamily to househack. Now I've found a few 2B2B-ish duplexes that work with very close numbers, but in questionable areas. As in, I would be buying the most expensive property in the area or some features that are not changeable. On that same note, I've found 3B1+B, but the rent is too low, according to my research, without a 20% down payment. Also, I do most property analysis with 8% on all the expenses in the BP calc. Unless it's a new build, then the repairs and Capx go to 5%. There aren't many multifamily properties in my area (24 at this moment) without paying way out of my range.
Saying all that, I'm still new to "running numbers" but my lender has been a great help in showing me things like: my property tax when I'm not living in there, taking a __% seller credit to reduce interest for better monthly payments, or different loan options compared to others. Plus, researching rent prices in my area seems to be very hard for multifamily. As in, not many MF in this area to get numbers from, and when getting close numbers from SF and apartments, those numbers are very different.
My question for you all would be:
1. Should I flip my strategy to single-family homes and do a live-in flip?
2. Should I just keep waiting for something to pop up? (I'm not rushing to find something)
3. How do you find rent prices when there aren't similar properties nearby?
4. Do I need to look at something a different way? (I'm all ears)
Thank you for any help you can provide.