Multifamily investing advice

[Kris Tohovitis]

Greetings, BP forum! New to real estate investing and looking for other perspectives on getting starting. 

Real estate investing has been a passion of mine for time with my mother also having invested early on where I likely have gotten the love and desire to follow similar foot steps.

I have taken last 6 months to educate myself and currently own a single family home as primary residence and would like to expand to multi family properties (2-4 units) for additional stream of income, not to mention potential tax benefits for long-term investing.

Based on current living situation, I have a fair amount of equity established in my primary residency along with having enough cash to either pay off house completely or use towards investing in a multi family property.

Given that I'm the sole source of income for our household with my wife being the home maker for our two kids under 2, trying to weigh out risks with getting started now or perhaps waiting. 

Appreciate any feedback as well as similar stories that the community might be able to share

Thanks and Happy New Years to all!

[Paul De Luca]

@Kris Tohovitis

I wouldn't recommend using your cash to pay off the mortgage on your primary residence since you can likely get a better return on that money by investing it.

What's your buying criteria for the multi-family property? Have you consulted with lenders to discuss your budget and options? That will be a determining factor for where it makes sense for you to purchase.

Regarding waiting - bear in mind a lot of people were predicting rates in 2024 would be in 5% range or low 6s, which didn't turn out to be the case.