New to MF investing

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Kerlous TadresBusiness Member
Realtor · Columbus, OH · Member since 2023 · 1k+ posts · 1k+ votes
10mo

Hey @Jessica Flesey, multifamily is a great lane because it gives you scale, better cash flow, and more control over risk. I’d start by learning how to underwrite deals and getting familiar with rent comps, vacancy rates, and what value-add looks like in your market. From my experience, once you run through a few deals and talk to local property managers, everything starts clicking a lot faster.

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  • Charlene Livers
    Virginia Beach, VA 23452 · Member since 2024 · 88 posts · 14 votes
    10mo

    Welcome, Jessica! Do you already have a market or property size in mind?

    0Reply
  • Min ZhangBusiness Member
    Real Estate Agent · Member since 2022 · 1k+ posts · 1k+ votes
    10mo

    Great to have you here, Jessica! Learning multi family is such a fun rabbit hole once you get into it because of the numbers, the different ways you can add value, all of it. I started out the same way, just soaking up everything I could about the Midwest markets and how these deals work in real life.

    If you ever want to bounce ideas or talk through what you’re studying, feel free to chime in. Excited for you!

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    • Jessica Flesey
      OP
      Member since 2024 · 6 posts · 13 votes
      10mo

      @Min Zhang thank you so much!  It has been fun!  I love crunching numbers.  I've started digging in to Indiana and with@Nadeem Alamgir's suggestion I am going to start looking at Ohio as well .

      0Reply
  • Nadeem Alamgir
    Real Estate Agent · Member since 2023 · 831 posts · 577 votes
    10mo

    Welcome to BP, Jessica! If you’re exploring multifamily investing, definitely take a look at the midwest.

    Columbus has solid B/C class neighborhoods with multifamily properties under $300k hitting closer to the 1% rule. The city has strong appreciation driven by job growth, affordability, and population growth.

    Cleveland is great, especially for cash flow investors. You can find multifamilies under the $180k–$200k range in B/C class areas that is often higher than the 1% rule. With Section 8, rents can be even higher than market rates. Overall, it's a stronger cash flow market with moderate long term appreciation potential.

    1Reply
    • Jessica Flesey
      OP
      Member since 2024 · 6 posts · 13 votes
      10mo

      @Nadeem Alamgir I've been looking quite a bit at Indiana and will add Ohio to my list.  Ohio actually popped up as the number one state to look at through my research.  Thank you for the info!

      0Reply
  • Kerlous TadresBusiness Member
    Realtor · Columbus, OH · Member since 2023 · 1k+ posts · 1k+ votes
    10mo

    Hey @Jessica Flesey, multifamily is a great lane because it gives you scale, better cash flow, and more control over risk. I’d start by learning how to underwrite deals and getting familiar with rent comps, vacancy rates, and what value-add looks like in your market. From my experience, once you run through a few deals and talk to local property managers, everything starts clicking a lot faster.

    [email protected]614-490-1163
    Kerlous Tadres | Reafco Real Estate540 Reviews
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    • Jessica Flesey
      OP
      Member since 2024 · 6 posts · 13 votes
      10mo

      @Kerlous Tadres thank you!  This is helpful.  I just started reviewing and modifying a few premade underwriting spreadsheets.  Those  are going pretty smoothly and make sense.  I have a background in finance which helps.  

      1Reply
  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    10mo
    Quote from @Jessica Flesey:

    Hi All!

    I look forward to being part of this group!  I am working on learning all I can about Multi-Family property investing.  

    Jessica 


     Happy to connect on the lending side 

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  • Patrick O'SullivanBusiness Member
    Property Manager · Phoenix, AZ · Member since 2024 · 531 posts · 203 votes
    10mo
    Quote from @Jessica Flesey:

    Hi All!

    I look forward to being part of this group!  I am working on learning all I can about Multi-Family property investing.  

    Jessica 

    Welcome to the community, @Jessica Flesey!  Excited for you as you start exploring multifamily investing. If you have any questions along the way, feel free to ask. Happy to connect!

    [email protected]480-795-7938
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  • Jimmy LieuBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2019 · 3k+ posts · 2k+ votes
    10mo
    Quote from @Jessica Flesey:

    Hi All!

    I look forward to being part of this group!  I am working on learning all I can about Multi-Family property investing.  

    Jessica 

    Hey Jessica, welcome to BiggerPockets! Awesome that you’re diving into multifamily—there’s a lot to learn but it’s a great path if you want scale and stability. As you’re studying the basics, you might also want to take a look at markets where multifamily still makes sense from a numbers standpoint. I’m in Columbus, Ohio, and it’s been one of the strongest markets I’ve invested in since moving here from Portland in 2020. The macroeconomics are on fire with tons of population and job growth, and massive companies building and expanding here like Intel, Google, Amazon, Honda, Facebook, Microsoft, LG, and more. Because of that demand, rents stay strong and you can still find properties that hit the 1% rule and positive cash flow, especially in the $120–180k price range for smaller multis. Plus, the appreciation potential has been really solid because of all the development happening. If multifamily is your focus, it’s definitely a market worth adding to your research list. Happy to connect and answer any questions you have!

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  • Marc RiceBusiness Member
    Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2018 · 2k+ posts · 1k+ votes
    10mo
    Quote from @Jessica Flesey:

    Hi All!

    I look forward to being part of this group!  I am working on learning all I can about Multi-Family property investing.  

    Jessica 

    Hi Jessica, If you're looking for out-of-state investing, I would advise looking at the Midwest markets. Happy to help you with any information you need
    [email protected]614-363-2787
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  • Sam McCormackBusiness Member
    Real Estate Agent · Cincinnati, OH/NKY · Member since 2021 · 1k+ posts · 833 votes
    10mo
    Quote from @Jessica Flesey:

    Hi All!

    I look forward to being part of this group!  I am working on learning all I can about Multi-Family property investing.  

    Jessica 


     Heck yeah! What's Phoenix MF investing like? I've always liked Phoenix but I never knew much about the market

    [email protected]859-443-4952
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    • Jessica Flesey
      OP
      Member since 2024 · 6 posts · 13 votes
      10mo

      @Sam McCormack Hello!  I am brand new to this and I haven't reached the point of looking to deep into Phoenix yet!

      0Reply
  • Amy Heitner
    Specialist · Huntingdon, PA · Member since 2018 · 162 posts · 147 votes
    10mo

    Hi @Jessica Flesey, welcome to the BP community! 

    Your background in finance will definitely be a big help. For many people the math part is a major challenge.

    Since you're currently in the 'sponge' phase, what was it that drew you specifically to multifamily over other types of investing? 




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    • Jessica Flesey
      OP
      Member since 2024 · 6 posts · 13 votes
      10mo

      @Amy Heitner Hi!  MF just seems like a no brainer to me when it comes to risk and cash flow.  Really it just came down to numbers.  I am not afraid of debt and to leverage as asset the MF opportunity far outweighs SF and short term rental.  I will likely sprinkle in some SF once I've gotten some traction :)

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    • Amy Heitner
      Specialist · Huntingdon, PA · Member since 2018 · 162 posts · 147 votes
      10mo
      Quote from @Jessica Flesey:

      @Amy Heitner Hi!  MF just seems like a no brainer to me when it comes to risk and cash flow.  Really it just came down to numbers.  I am not afraid of debt and to leverage as asset the MF opportunity far outweighs SF and short term rental.  I will likely sprinkle in some SF once I've gotten some traction :)


      Hard to argue with that logic, Jessica. :-)

      Single-family often ends up feeling like a high-paying job, while multifamily is where you build the actual business.

      Since you’re already comfortable with the debt/leverage piece, I'm curious about the equity side—are you planning to take these down with your own cash, or is the goal to raise capital from investors?

      0Reply
  • Jason Garriga
    Property Manager · Orlando, FL · Member since 2025 · 19 posts · 18 votes
    10mo

    Welcome to BP! I’m based in Central Florida and manage fix-and-flip renovations. If you ever have questions about budgeting, contractor strategy, or timelines, feel free to reach out.

    0Reply
  • Alfath AhmedBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2022 · 1k+ posts · 1k+ votes
    10mo
    Quote from @Jessica Flesey:

    Hi All!

    I look forward to being part of this group!  I am working on learning all I can about Multi-Family property investing.  

    Jessica 


     Welcome Jessica! I would read a ton of books. I read rich dad poor dad, and also multi-family millionaire vol 1 & vol 2. Also, i would choose a good market out of state. Here is usually what I follow:

    1. The market should be landlord-friendly

    2. Properties should be appreciating over the last 5 years. There should tech growth with big companies investing

    3. Properties should be within 20% (plus/minus) of the 1% rule. This shows good cashflow.

    4. OOS investors in BP should be buying there. Good rule of thumb.

    Don't hold onto assets that lose money unless you see massive appreciation over the next 5 years where you can make a killing. Otherwise, it just isn't sustainable unless you have other assets backing it up.

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  • Yuzi Stha
    Real Estate Agent · Malden, MA · Member since 2019 · 50 posts · 13 votes
    10mo

    @Jessica Flesey - Welcome to BP! Attending various meetups and listening to podcasts can significantly enhance your knowledge of the multifamily sector. If you’re open to investing out of state, markets like Charlotte and Indianapolis show strong near-term potential. Additionally, several cities in the Northeast remain relatively resilient amid the current real estate slowdown compared to many other U.S. metros

    https://www.fastcompany.com/91447365/housing-market-zillow-h...

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  • Eric FernwoodBusiness Member
    Realtor · Las Vegas, NV · Member since 2014 · 995 posts · 1k+ votes
    10mo

    Hello @Jessica Flesey,

    Multi‑family isn’t always the best option for multiple reasons:

    • Shorter tenant stays: Tenants pay rent, not properties. Long-term tenants maximize income. Multifamily units typically house singles or couples without children, who stay less than a year in markets like Las Vegas. Families with small children stay over five years.
    • Higher vacancy costs: Four units mean four times the vacancy risk. With three or fewer rented, you likely can't cover operating costs, guaranteeing lower cash flow.
    • Investor do not sell performing assets: In 17 years I’ve yet to see a multifamily investor sell a performing multi‑family property. They sell when they’re losing money—usually because of tenant issues and or deferred maintenance. When I evaluate multi families, I assume they are losing money and my job is to determine if we can turn the situation profitable.
    • Higher upkeep: A four-plex means four sets of appliances, HVAC units, water heaters, plumbing fixtures, and more. Repair bills are typically four times higher than in a single-family home.

    Think of multifamily investing like Lindbergh's 1927 trans-Atlantic flight. No existing airplane could fly across the Atlantic, so he had to build his own. Many people argued he should use a twin-engine plane for reliability—if one engine failed, the other would keep him aloft. But airplanes of that era couldn't stay airborne on one engine alone. Doubling the engines just doubled his odds of dying in the Atlantic. Similarly, adding units doesn't automatically make an investment safer; it simply multiplies the points of failure.

    Bottom line: multi‑family doesn’t automatically equal more reliable income—in fact, it often does the opposite.

    For over 17 years, we've delivered more than 600 investment properties using this process: start by defining your financial goal. If you're aiming for long-term financial independence, choose a tenant segment that stays for years and pays rent on schedule. You can identify this segment through property manager interviews. Once you've identified a tenant segment with the right financial behaviors, buy properties similar to what they're already renting.

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  • Arman AhmedPro Member
    Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2024 · 2k+ posts · 929 votes
    10mo

    @Jessica Flesey

    Hey Jessica, welcome! If you’re looking at multi-family investing, the Midwest has a lot of opportunities for undervalued, cash-flowing properties with strong rent-to-value ratios, especially for out-of-state investors. It’s a great place to start building experience and scaling efficiently while keeping management straightforward.

    [email protected]614-418-6081
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