Updated over 12 years ago on . Most recent reply
My Goal vs. My Reality
Hello All,
I've been wrecking my brain and could use some expert advice. In 12 months I will be prepared to purchase my 1st investment. I will have 20K - 30K in cash available.
My goal is to purchase two Multi-Family (4 units) within the first year of investing. My goal is to have a total of 4-5 Multi-Family units within two to three years. After which I'd like to move to 6 + Units (which I know is a different lending criteria).
My reality is that I will not be able to live in either of those units. (It's a long drawn out story). I will need to either rent or purchase a primary residence.
Question:
1. Is it possible to purchase 2 Multi-Family units with 20K-30K to start?
2. Is it better I rent for my primary residence than purchase at this time?
3. What type of sellers should I be looking for (distressed, banks, etc) or does it matter?
There may be something I didn't think to ask, please feel free to include it. Thanks for your support.