Looking for a small multi family 3-8 units

[Nicholas Stolfa Ryder]

Hi all, I’m a rookie investor. I’m looking to make my first out of state property purchase. I am looking for a small multi family property, between 3-8 units. I’m open to a light to medium Rehab. I am not opposed to inheriting tenants.

I’m looking for agents in North Carolina (preferably around Asheville or Gastonia) and South Carolina (preferably in the upstate) I have family in Spartanburg and Greenville. Looking to buy within the next 12 months.

[Mary M.]

Hey so great that you are starting your RE journey!   There will be a difference in process for a purchase with 4 or fewer units and one with more than 5.   The more than 5 units will be commercial funding...  and that is a whole different ball game altho totally doable....  I own an 8 and a12 unit building  - both with commercial financing. 

You might end up with a commercial agent and a SFH agent which might make things cumbersome ?

Also, doing a rehab OOS is not something I would want to try even tho I have experience rehabbing. So many things can go wrong.   Also, for commercial funding they will want the property 90% occupied for at least 90 days before they will put a regular loan on it.....   but there are other loan options. 

You might contact a commercial agent and a commercial loan broker to see what is possible! Good luck! 



eta: silly broken "n" makes for fun reading!