Re: Multifamily home investing

[Sam Kim]

Hi, I am new to real Estate investing and I am trying to figure out where to starting look for some great deals on Multifamily homes (duplex/quadru-plex). I started by looking at some websites such as loopnet, Zillow, and Truilia but did not see any exceptionally good ones. I am looking to invest around $100,000 to start and do a minor flip (cosmetic fix) and rent it out. Also, I live in Washington D.C. area and it is impossible to find mulitifamily homes at such price and I am looking at out-of-state homes. I would appreciate it if anyone can share their experience or recommend where to start looking for great deals and what state.

[Michael Lam]

hi @Sam Kim

Welcome!  Are you going at this full time or part time and is restricted by travel?  You mentioned out of state homes, but does that mean your willing to move there to see project through or are you looking to partner with someone out of state?

Opportunities are vast and varied,  I always suggest anyone new is to focus on what they already know and grow that knowledge base.  Which means stay local and network.

[Kedrick Thornton]

Hey @Sam Kim, 

I know it may be impossible to find anything within the district at that price point, but you may be able to find something in the suburban areas around DC. Also don't be afraid of Baltimore. I have heard of some good deal in Baltimore.

[David Alvarado]

Welcome Sam! It is important to really identify your criteria and go from there to determine what type of risk tolerance you have and what areas will work for you. The deals are out there but there may be some molding that needs to be done to really find something that works for you. Luckily in DC we are close to many suburbs and a population that is stabilized by the federal government and a reatively diverse economy. As a result returns may be a bit lower versus outside markets but you are also provided with lower risk versus other tertiary markets that are more affected by potential macro economic influences. 

[John-Michael Moreno]

hi

@Sam Kim, I have not stepped into the out of state arena as of yet. However i'll share my experiences with MFR. The first duplex I bought I found on Craigslist and I incidentally found the other while driving thru the same neighborhood I found the first duplex in. Luck had a lot to do with it, I suppose. I have noticed that MFR prices are going up around here as well. Have you tried looking at wholesalers?

On the same note, I have found 2 more MFR that have peaked my interests in the same neighborhood I have these two particular duplexes, I found both on Craigslist.

[Sam Kim]

Thank you so much for the tips. I don't think I am ready to invest anything outside my area yet. It seems that remote areas in VA or Baltimore is a good choice. Does anyone recommend I go through MLS from a real estate agent for find good deals. I am looking for a duplex under $80,000 to $100,000 where I can put 20% down or using equity on my current property. Also, how would you go about looking for a partner to invest with?