How do I buy a 100 Multifamily unit with $4,000
Hi BP,
My goal for 2015 is to find a 100 multifamily unit(s) to buy and I only have $4,000 at this time. I've teamed up with an investor for 2015 to do 1 flip a month (first home under contract now). Our goal is to net $10k to $20k or more per flip, each. At what point would it be a good time to find this 100 multifamily unit? Would you use Hard Money or Private Money?
--If Hard money what is the max interest rate you would pay?
--If Private Money, how would you go about securing the PM, and what % is good to offer?
At this time, my plan is to take the profits from the first flip and Hard Money a $40K SFH to generate some monthly cash flow. Should I save the profits, 1031 exchange each flip, and wait on the 100 multifamily unit? Or, buy a few SFH throughout the year, re-fi and then purchase the 100 multifamily unit?