Looking for some direction

[Dionte Washington]

Hello everyone, I'm at the beginning of my real estate investing journey and I'm wondering what my next move should be to get into multifamily. I decided to make a post and see what kind of guidance I could get. 

So the situation is that I own 3 homes. All 3 homes are in Dayton Ohio and 2 of them are free and clear. The home that still has a mortgage is worth about $140k to $160k after updates with the current mortgage being $70k and is currently occupied. The other homes are worth about $30k to $40k each but both are in low income areas. My father lives in one of the low income area homes and the other needs approximately $10k worth of work. What would be a good next move to transition to multifamily?

Also I'm 29, resides in Indianapolis, $60k a year job, hardly any debt, and have about $1k a month worth of expenses. 

Thanks!

[Ross Denman]

@Dionte Washington Since you're in Indianapolis, I would look at deals here. It's a great market with investors all over the world investing here. Ohio has a pretty similar market as well, so if you're properties are not problematic, I would keep them for now.

Depending on the size of MFH you're wanting to get in to, you could leverage the equity in those homes toward a larger MF deal. It sounds like you have about $140k in equity which means you could probably be in a $350k-$400k acquisition range. There are plenty of opportunities in that range. I would talk to some lenders about a potential commercial loan or line of credit against the portfolio. They will pay off the $70k mortgage and absorb it in to part of the loan, but you should still have $80k-$85k available as a down payment.