Advice on financing next 4-plex
Hello!
I am currently working on searching for/purchasing my next property. I have hit a few bumps on the road since my first property was purchased late November 2017, and am curious to hear some different opinions on what I could do next.
I have about ~$65k in available cash to invest (raised from private investors, BLUF I'd like to get it invested ASAP as its not doing any good sitting in a checkings account), as well as good relationships with a conventional and private money lender. I have considered using a HELOC to assist my current funds in acquiring a 4 plex in the area. It is my understanding that most properties here never really make it onto the market as they are usually picked up by more experienced, full-time investors. Of the places that do make it onto the MLS, the 4plexs are going for around $350k with ~$3200 in mo. rent between the four units.I'd like to do a flip, but with how competitive the local flip market is here at the moment, it is unfortunately off the table.
I have considered investing out of state as I know my money has a lot more buying power in different markets, but I am cautious as I dont fully understand how it would go.
Any thoughts or suggestions on how to best use my remaining capital would be greatly appreciated!
Thanks
Jake