Seasoned Investors - What Would You Do if You Were In Our Shoes?

[John Culotta]

My wife and I are at an intersection in life and would would be super grateful to hear your feedback on how you might tackle our unknowns regarding a re-start into real estate investing. We have over 16 years of property management which included a rental we owned in the 90's.

We have our house on the market in Caldwell, Idaho (hot market) and we expect to clear over $100k in equity. We will be debt free and have over $30k in cash after the sale. 

Here are some of the challenges: We're both in new careers and can not get traditional lending (I'm commission only and need 2 years income history). So, we're looking at owner financing as primary funding option and possibly hard money (which we don't know much about just yet). The other challenge is . . . Where should we live? Can't afford an investment property and a primary residence at the same time.

Our Long & Short Term Goals: We'd like to get into multifamily and primarily want cash flow over all other benefits of RE investing (we have a lot of catching up for retirement and current cash flow is unpredictable with commission only job).

Experience: We're hard working and not afraid to talk to people, do research and make decisions. Again, we managed a 22 unit apartment building for 9 years and owned a rental property for 7 years back in the 90's. Excellent credit. Several years of new construction, remodeling and handy man experience.

1. The Big Questions - If You Were In Our Shoes....
   
2. 1. Where to Live - Would you try to buy a multifamily with a vacant unit? Would you temporarily rent while starting up the RE investing?
3. 2. The Money - Would you shoot for owner financing or hard money lender? ....or, both?
4. 3. How much reserve would you keep in the bank?
5. 4. What's the #1 most important contact to have?
6. 5. Any recommendations on contacts in the state of Idaho?

Thanks in advance for the feedback - Have A Great Day!