Out of state multi or syndication?

[Ryan Wilson]

I currently am under contract on my first multi (8 unit) in OKC.  Looks like a pretty solid deal, full occupied, and with conservative numbers should be about 8 cap.   But of course if things go good ( low vacancy, low cap ex., slight rent increases) I could see much better returns.  However, there does not appear to be a whole lot of opportunity to push rents up even with some improvements.  

Although, 8 cap makes for decent cashflow on the unit, and it will be managed by a good PM team, I am just questioning if I should just invest in a good syndicator and should be able to get near the same returns without the need to own on my own. This is not a high appreciation market, so it would be for cash flow. Also, since I don't feel I can push rental rates much, I probably won't be able to BRRRR, so my money is tied up either way.

I am excited about the deal, but since my first multi and out of state I am questioning everything and trying to make sure I am looking at all options.  

I appreciates all of your feedback.

Thanks

[Ivan Barratt]

@Theo Hicks said it very well. You're at a fork in the road: operator/investor or passive investor. Even if you hire PM; you're still an operator (read asset manager).  There's lots of content on this site to help you research and decide which way to go.

All the best!