Multi Family investment

[Kwame Knights]

Hello BP,

I need some advice and guidance. I'm an investor and live in the DC/MD area. I currently own 3 single family rentals and looking to increase my portfolio. The market i'm in is very saturated with investors, not to mention very pricey. I wouldn't mind investing outside of my back yard. I would also love to get into multi families, ideally start off with 5-20 units to get my feet wet and get through the learning curve before jumping in any deeper. However, a few deals came across my path, some Detroit and Baltimore but are rehab projects. The properties are vacant or abandoned, needs extensive work but is priced low to sell fast.  If these deals were single families I would do a reno in a heart beat because the "BRRRR" method works well with the equity game. However multi family appears to be a different beast.

Can someone explain how to evaluate if a multi family is a deal or not without having access to the historical financial data?

Also as a newbie to multi family, is it advisable to take on a full renovation project or should I try to find a turnkey situation to start off?