Multifamily Investing in the Northeast - How to buy second?

[Glenn Cross]

Team, I am a true newbie. Just bought my first 3 family in Boston, and I have caught the bug. The only problem is that my liquidity is now completely tied in my property. What should I expect as far as timing where I will have the capability to make my next purchase. My cashflow (right now) is neutral (I plan to refinance down when rates drop), and my initial plan was for appreciation to grow my net worth. After really listening to the BP podcasts and reading these forums, I am learning and identifying all of these different strategies. It seems like I have sidelined myself with this one purchase. Is that true? Are folks able to manage to get to that second property, when they have high debt service in one property. I don't really have the skills to BRRR. It also seems with multifamilies in the northeast that rehabbed properties (multi's anyway) are experiencing significant valuation increases from rehabs. I am finding it extremely difficult to be able to find financing solutions to land the next one. I would be grateful for any tips and guidance you would be willing to share. Thank you all!

[Jonathan Greene]

You are making a grave mistake by looking too far ahead right now, without capital, because that usually means you aren't focused on upgrading and securing your first asset. Is this 3-family free of cap ex for the next five years? How is the roof, the mechanicals, water issues?

It's not difficult to find financing solutions for your next property, you don't have any capital so why would there be financing solutions? You are rushing to get somewhere that you don't have the capital to get to. You are probably looking up seller finance and sub to and ignoring getting the best tenants into your existing property or finding ways to upgrade the cash flow.