Potential Multi family purchase, needing advice...
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.