I have 300k to invest in a Multi-Family.

[Michael Bishay]

Hello all, 

Just wanted to let you know how much I appreciate everyone on this site.  I've learned more here than anywhere else in my time in real estate. 

So I'm selling one of my Airbnb's in Myrtle Beach and will have about 300k to use as a down payment on my next property. Looking to do a 1031. 

Any suggestion on what state to look at?  This would be my first multifamily.  

All help will be greatly appreciated. =) 

Michael

[Arn Cenedella]

@Michael Bishay

Your question is too broad to provide any meaningful answer. There are lots of good markets to invest in. The best market for you depends on many factors including your investing goals, location, and available time. Self manage or 3rd party manage? What is most important to you? Cash flow or equity growth? Obviously we all want both but typically an investor favors one over the other. 

$300,000 will be enough to perhaps purchase up to about $1.2M. 

Pending market, this could purchase you anywhere from 4 to say 20 units. 

$60K a door usually means rough property, neighborhood and or tenants. Personally not my cup of tea.

I would look for good areas where small multifamily units go for $125K to $150K a door. 

So $1.2M means about 8 to 10 units in a decent area. 

I would encourage you to investigate perhaps 10 markets and narrow the list down to 2 or 3 markets and then really drill deep. 

The 45 day identification period comes quickly. So I would try to identify your markets before you put the AirBNB on the market. By the time your existing property goes on market, it would be best to know the markets you focus on. 

Good luck! Narrow the search. Drill down.