I would prefer to invest in apartments.
You are on the natural path which is most folks start w/SFRs like I did and then w/further study recognized their are some advantages w/MF I cannot get w/SFRs and the time hassles of more and more SFRs (loan challenges, etc) just don't get you excited anymore / natural limits. Now, I play in the big apartment space so keep that in mind. If you are a DIY person, then like anything, w/study you should start taking advantage of concepts like scale and perhaps forced appreciation where you find value add properties (5 units or more) and are now into a different valuation model which is income vs comparison value approach you are exposed to w/SFRs. Most would argue that w/some ingenuity and the right value add opportunity / purchase that the "ball is in your court" so to speak more so than SFRs in creating value. One example: We have a 320 unit apt in Dallas that we added a carport. It created $60K in extra income but added $1m to the FMV (read 1st blog link below for the workup). I don't think adding a carport to a SFR would really add much value especially if my neighbor has one.
If you read the blog below you may get a greater appreciation for it. Now w/larger apts, it will likely take a team (syndication). You can play as a limited partner (passive) but get a lot of advantages you cannot get in your SFRs such as geographic diversification, professional management to find, implement and reward investors w/o a lot of involvement on your side. Or, you can decide to start along this path as a DIY, perhaps partnering w/some other folks who are knowledgeable in some aspects of the apartment business and you find a role to play such as bringing own capital, raising funds (small syndication), time (mgt oversight of business plan - asset mgr), or unique skills such as finding properties and doing the underwriting to put together the deal. It really all depends on your time, energy, talents and resources.
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