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Updated about 3 years ago, 11/22/2021
Looking to Buy My First Multifamily Property - Welcome Advice!!
Hey BP Family -
I recently ordered Brandon's multifamily real estate book, and as a result I attended his multifamily masterclass (which was free when you bought his books). I am committed to investing in multifamily, but I feel like I am all over the place trying to figure out where to start.
I currently have a rental property that has done quite well, and am looking to sell it within the next 3-9 months. As a result, I will have $100k-150k to invest into a multifamily property (or two). I am currently struggling with two things - finding deals (as most everyone struggles with apparently) and running numbers. I have connected with a couple real estate agents, who are sending me multifamily listings, but everything seems to be so inflated right now. I don't want to buy something just to buy something.
I'm looking for at least 4 units, up to 8 units. I feel like I should stay within my local area for my first purchase (I'm in Greenville, SC) and am looking in the upstate of SC.
My questions are:
Where is the best place to find leads for a 4-8 unit multifamily. We currently can't buy lists for SC (I tried through list source). I am looking for properties that are currently owner managed, and I will use a property manager to manage the property moving forward.
I've looked at the bigger pockets calculators, and even tried to run numbers on some listing agents have sent me, but I am still struggling to understand if something is "a good deal" or not.
In all honesty, I don't want to make a mistake. I'm asking for any help/advice you would give to a new investor. I'm all in . . . just need to get the ball rolling.