Where should I buy a multi-family for $1.6M?

[Ryan Spearman]

Hi, 

I am a property investor in New Zealand with a portfolio of mainly small multi-families.

I will be selling off some of my individual units in about a year's time which should give me approx US$640k. 

As I have learned essentially all my property investing knowledge from the BiggerPockets podcast I can't help but come back to the idea of multi-family investing in the US. We don't have anything like that asset class here in NZ, 12 units are about as large as you can get. Even that is uncommon.

I've spoken to lenders in the states and I can only borrow 60% as a foreign investor. This gives me about $1.6 million to play with.

I have no ties to any particular state and a year to do my research. I imagine I can narrow it down to an amazing deal within that time.

Where should I buy? How big?

I'm looking for a classic value add, well cash-flowing property, that I can eventually refinance out a decent chunk of my capital while retaining a sizable cash flow.

Any and all advice would be welcome. I need to find a full team over there that I can lean on. I'm really hoping to develop long-lasting professional relationships in order to establish myself as an international property investor.

Thanks in advance

Ryan