Hello! First time post and thinking of commercial Multifamily

[Andy C.]

Hi BP! Joined a few months back and have been reading the great discussions. This is my first post to BP. I'm excited to join in and contribute to the community! Currently, I'm strongly considering selling one of my properties (1031?) to help fund purchase of multifamily out of state. The areas I'm most interested in are Salt Lake City/SLC, San Antonio, and Orlando markets. Open to suggestions/others as long as it makes sense from a numbers perspective. I'm also interested in connecting with any brokers to develop relationships and discuss opportunities! I'm really interested in hearing any members who have had experience getting into multifamily commercial properties out of state for the first time. And if you had success with it? And any wisdom or advice they'd share getting started + pitfalls to avoid. I'm continuing to learn, read, research. And love all that this community has to offer! Andy

[David Thompson]

Hi Andy,

San Antonio is a solid, cash flowing market that I'm active in.   If you want to go out of state and to this city, there are various options.  Most folks are happy on the NE, north central and NW sides of town and along the I-35 corridor.  If you are looking for less hassle, I go for newer properties even new construction where the numbers still work well.  Hire a good property manager and you should be good. If accredited you can also look at private syndications where you can geographically diversify in better cash flowing markets, have experts who can find value add deals, manage them and provide a solid return to the limited partner.  We continue to like most of the Texas large cities for this type of play.