Utah multi-family strategy. Plz Help
Hey all! Newby here looking for some direction. I have a couple duplexes in Utah County (Provo) and I think I’m ready to expand my portfolio. After listening to bigger pockets and other podcasts I’ve realized there’s a lot of different strategies out there, possibly, with better returns.
With this post I just want to lay out the details of my current position then get insight/suggestions from the pros to help determine my next move.
Duplex 1
- •Approximate Value: $390,000
- •30yr conv balance: $212,000
- •Monthly mortgage: $1,150 (recently refinanced)
- •Monthly rental income: $2,200
- •Property has been very low maintenance, zero vacancies, new roof needed in next few years.
•Both units updated.
Duplex 2
- •Approximate Value: $415,000
- •30yr conv balance: $278,000
- •Monthly mortgage: $1,850 (was planning to refinance in Dec)
- •Monthly rental income: $2,200
- •Recently dumped $20k into this property for new plumbing, ac unit, and furnace.
•zero vacancies, new roof needed in next couple years.
•Both units updated.
My wife currently manages the properties and uses Cozy for listings, rent collection, applications, screening, etc.
We currently have $120k cash set aside to invest in real estate but we have no idea what to do next. Our only requirement is that our next property be in the same general area so we can continue to manage all the properties ourselves.
Maybe we can get a better return on single family rentals? Via Airbnb? Maybe we should sell both and take our current cash on hand + cash from sales (around $400k total) and use it as a down payment to get something with more units and maybe a better cap rate. I’m open to any and all insights and suggestions.
Thanks in advance!