Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Multi-Family and Apartment Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 7 years ago on . Most recent reply

User Stats

5
Posts
2
Votes
Amanda Major
  • Lexington, KY
2
Votes |
5
Posts

Multi family property, I’m stuck... what to do next?

Amanda Major
  • Lexington, KY
Posted
Hi, I turn 28 tomorrow, (I have 11k cash saved, debt free except mortgage, 36k retirement, and about 60k equity in my home) and I’m slowing learning what I need to do to get where I want to be. I also have the option of investing with my dad who is typically always out of the country, but has the capital to invest with me. I have a good job at a local hospital, but I look to eventually generate enough passive income that I can do my job part-time. Right now I am looking to add a property to my portfolio, I have been reading books and blogs to better prepare my mindset and my wallet for such endeavors. Currently I invest with my father and am a 1/3 owner of a multi family unit that generates a good ROI (he has other properties that I manage as well). However, I feel as though I am ready for another property. I have been scouring MLS/Zillow for multi family units and I cannot find anything in my town (which does quite well for renting). I’m starting to think I will have to move outside my city to find something. However if I do that I will likely have to rely on others to fix things and manage the place. Right now I mange our units, and my husband (contractor) manages the upkeep and maintenance as it comes. If I were to buy something outside of my town should I just focus on getting a good deal that would allow extra money for others to manage/upkeep? We really have saved a lot doing things ourselves, and it’s hard to imagine paying someone to fix little things we could do. Right now I am looking at a 4plex in a college town, the price is right but it is about 50-60 minutes away. 240k, rent 610/each — would I be stretching myself too thin? Should I just remain patient and wait for the right place closer to my town? Thanks for any and all input.

Most Popular Reply

User Stats

78
Posts
55
Votes
Joe Marcum
  • Rental Property Investor
  • Georgetown, KY
55
Votes |
78
Posts
Joe Marcum
  • Rental Property Investor
  • Georgetown, KY
Replied

The numbers on the 4plex you show are not that great, it's not even a 1% deal. Without knowing much more, I would not buy that personally. I would suggest joining the local REIA and attend their monthly meetings. They have a Facebook group and are very active. Search Facebook for Bluegrass Real Estate Investors Group and join. There are over 1,000 members and they do not charge dues or to attend meetings.

Loading replies...