Looking to grow from SFR to MFR
Hi there,
I have just purchased my second SFR in Indy and now looking to add a MFR to my portfolio. I am in the process of learning as much as I can on MFR since it is different than purchasing a SFR. The markets I am looking at are Kansas City, MO and St. Louis, MO. I am thinking of selling one my properties in California that has 200k in equity in order to to a 1031 exchange and purchase a MFR. Preferable a 12+ unit Multi-Family Residence.
Does anyone have experience doing this? Also, does this strategy sounds reasonable in today's market?
I am hesitant to pull the trigger since this takes a good deal in today's competitive marker and the time process that needs to take place using a 1031 exchange.
I open to other markets if the numbers look good.
Thanks in advance!