Multi Family Investing

[Jacob Whitney]

Hello 

My name is Jake. Brand new to BP, just Signed up for last night. My main objective for signing up is to learn about real estate investing and specifically multi family. I am coming into a little bit of money and want to make sure I do the right thing with it. I feel mostly comfortable in the Northwest area. Multi family is newer to me and I want to make sure I minimize mistakes. I do have a few SFH and a tri- plex so I'm not completely green to real estate and land lording but still have a lot to learn.

My main questions are what parameters/ numbers are most important when considering a deal?

I guess I don't 100% understand why some numbers are such a driving force/ must fit in the exact parameters for some investors.

My plan at the moment is to find a 8-15ish unit complex purchase price at about a million. I would like to see around $3,000 in  cash flow. I would love to get into something in my more immediate area but am willing to look around within reason. I'm living in a  great small town called Boring, Oregon its about 30 minutes outside of Portland. I prefer to stay in Oregon, Washington, or Idaho. I would like to pick up something I can add value to by either increasing the property and/or driving rents up. I do plan on holding for a while. 

Any pointers/ tips/ considerations would be much appreciated. 

Also wanted to add if I'm too far off base please any other suggestions or strategies would be great to hear. I have pretty thick skin so don't be afraid to speak your mind.

Thanks a ton in advance, I'm super excited to be apart of the BP community.

[Anthony Dooley]

@Jacob Whitney I think you are on the right track. There are no secret formulas. Buy in areas that you know well and base your purchase on the type of return or gains that you want. There is very low inventory for decent multi-family property. Happy hunting.