Multifamily Real Estate Investing

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Multifamily Real Estate Investing

Dana HagansPro Member
New to Real Estate · NY · Member since 2023 · 24 posts · 23 votes

Hello, I currently live in Brooklyn, New York. I have a husband and 4 kids. My husband and I are looking to purchase our first investment property next year. We want to get into Real Estate Investing starting off with multifamily. We would live in one unit and rent out the other units. We looking for a 2-3 unit property. We're looking to relocate to a different state within the next 6-8 months. Does anyone have any recommendations on what state would be best to purchase a multifamily unit? We're currently looking into North Carolina and Georgia. 

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Evan Polaski
Cincinnati, OH · Member since 2020 · 4k+ posts · 3k+ votes
1y

Like others noted, NC and GA are both "great" or completely wrong for you and both are fairly big states to just blindly say "I am moving to Georgia".  Athens, Savannah, Atlanta, Macon, Columbus, etc. These all have different vibes, sizes, economies, activities, etc.

Even within Atlanta, downtown vs Decatur vs Buckhead vs Marietta are all very different.  And in NC, you have Appalachia on the western side and the coast on the eastern side.

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  • Jaycee GreenePro Member
    Real Estate Consultant · St. Louis MSA · Member since 2024 · 3k+ posts · 727 votes
    1y

    Hey Dana! What is your price point and are you looking for turn-key properties or something along the lines of a "fixer upper"?

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  • Dana HagansPro Member
    OP
    New to Real Estate · NY · Member since 2023 · 24 posts · 23 votes
    1y

    Hello! 

    My price point is $350,000. I like to not go above$350,000. For the condition, I'm not picky, so I don't mind looking at both turnkey properties and a fixer upper. 

    0Reply
  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    1y
    Quote from @Dana Hagans:

    Hello, I currently live in Brooklyn, New York. I have a husband and 4 kids. My husband and I are looking to purchase our first investment property next year. We want to get into Real Estate Investing starting off with multifamily. We would live in one unit and rent out the other units. We looking for a 2-3 unit property. We're looking to relocate to a different state within the next 6-8 months. Does anyone have any recommendations on what state would be best to purchase a multifamily unit? We're currently looking into North Carolina and Georgia. 


     If you are going to be living in the property as well - I would not say "this state is better" as each state can be fantastic and each area of a state can be fantastic but it really depends on you and where you want to live. I would not make the decision based on a specific city unless you want to live there. From there I would go with nothing lower than class b rental/property though.

    7e investments53 Reviews
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  • Jaycee GreenePro Member
    Real Estate Consultant · St. Louis MSA · Member since 2024 · 3k+ posts · 727 votes
    1y

    What about something like this: https://www.redfin.com/GA/Athens/171-Massey-Ln-30601/home/12.... This is in Athens, GA, just a few minutes north of the University of Georgia. Looks like it might need a little TLC but there is a tenant in one of the units paying $1,450.

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  • Pat LulewiczBusiness Member
    Realtor · Raleigh NC and Greensboro, NC · Member since 2019 · 391 posts · 392 votes
    1y

    I think you're less likely to focus on state, and much more important to focus on city. For example, as someone to lives and invests in NC, there's only a handful of larger cities where you'll be able to buy anything worthwhile for $350k. Raleigh, Durham, and Charlotte are likely priced out for you. After that, you should do more research on lifestyle vs what your family is looking for.

    1Reply
  • Evan Polaski
    Cincinnati, OH · Member since 2020 · 4k+ posts · 3k+ votes
    1y

    Like others noted, NC and GA are both "great" or completely wrong for you and both are fairly big states to just blindly say "I am moving to Georgia".  Athens, Savannah, Atlanta, Macon, Columbus, etc. These all have different vibes, sizes, economies, activities, etc.

    Even within Atlanta, downtown vs Decatur vs Buckhead vs Marietta are all very different.  And in NC, you have Appalachia on the western side and the coast on the eastern side.

    3Reply
  • Josh Bowser
    Real Estate Agent · Atlanta, GA · Member since 2020 · 414 posts · 233 votes
    1y

    Hey Dana - I'd start by picking a city / area you'd like to live in then find property from there. 

    South Carolina is booming as well - I'd add that to your list!

    2Reply
  • Samuel DioufBusiness Member
    Real Estate Agent · Columbus & Cleveland, OH · Member since 2023 · 1k+ posts · 1k+ votes
    1y

    You can invest from anywhere, so I would base the decision on what area you guys think you would enjoy more and have a better quality of life. 

    [email protected]614-662-1652
    Reafco - Samuel Diouf528 Reviews
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  • Jimmy LieuBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2019 · 3k+ posts · 2k+ votes
    1y
    Quote from @Dana Hagans:

    Hello, I currently live in Brooklyn, New York. I have a husband and 4 kids. My husband and I are looking to purchase our first investment property next year. We want to get into Real Estate Investing starting off with multifamily. We would live in one unit and rent out the other units. We looking for a 2-3 unit property. We're looking to relocate to a different state within the next 6-8 months. Does anyone have any recommendations on what state would be best to purchase a multifamily unit? We're currently looking into North Carolina and Georgia. 


    Hi Dana! I personally recommend checking Columbus OH. It's a great market for multifamily investment with strong rental demand and steady appreciation. We have very landlord-friendly rules too! Given your family size and investment goals, you need to explore markets that have strong job markets, growing population, affordable entry prices, and good school districts. And I believe Columbus checks all these boxes. Happy to send over some resources regarding the Columbus Ohio market and why it's a great market to invest into!

    [email protected]614-300-7535
    Jimmy Lieu, Red 1 Realty4.9120 Reviews
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  • Sam McCormackBusiness Member
    Real Estate Agent · Cincinnati, OH/NKY · Member since 2021 · 1k+ posts · 833 votes
    1y
    Quote from @Dana Hagans:

    Hello, I currently live in Brooklyn, New York. I have a husband and 4 kids. My husband and I are looking to purchase our first investment property next year. We want to get into Real Estate Investing starting off with multifamily. We would live in one unit and rent out the other units. We looking for a 2-3 unit property. We're looking to relocate to a different state within the next 6-8 months. Does anyone have any recommendations on what state would be best to purchase a multifamily unit? We're currently looking into North Carolina and Georgia. 


     Hey Dana, without diving into too many details yet, Ohio is normally a front runner, as I am sure you have got people saying it already (like myself). I specifically in Cincinnati and Ky, both areas having lots of SMF. Let me know if you have any interest in the markets I specified!

    [email protected]859-443-4952
    Sam McCormack Realtor
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