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Updated over 6 years ago,
Guidence purchasing first Multi-Family property
I am a beginning investor that is trying to purchase my first multi-Family property (5-15 units). I keep readIng MultI-famIly Is where the money is. My current situation is outlined below, and I was wondering if it’s possible for any experienced investors to explain to me how to obtain my goal.
I own:
Property # 1
Purchased for $90k, owe $54k at 4% interest rate. $665 Payment renting out for $925 month. Valued at $112K
Property # 2
Purchased for $82K, owe $79K at 4.25% interest rate. $425 Payment renting out for $1200 month. Valued at $133K
Property # 3
Purchased for $74K, owe $58K at 5.25% interest rate (condo). $525 Payment renting out for $1025 month. Valued at $85K
Property #4 (Primary residence)
Purchased for $292k, owe $251K at 4.85% interest rate (condo). Valued at $303K
*Values are estimates from Zillow. I know there can be some accuracy issues. Just a ballpark.
10K in savings, 120K in Stocks, 100K in 401k
The link below is the property I’m looking at trying to buy. Any thoughts on how to go about buying this property without having to search for investors. Am I out of of my league for looking at this property? Should I look at a cheaper price point? I want to stay in the DC, Maryland, Virginia area so I can be close to my property, to deal with any issues should they arise. Any guidance will be appreciated. Thank you.
https://api.crexi.com/assets/145050/offering-memorandum?access_token=HbMd8C9bya8wXqHegBu_zNY7KTYyvEeHkgBAdRlUaYs6KqdqHm3U4Lun-jXPzKAGg9PKNa_scQfYdMSP3BgcJQXXSNsDmUWsgzEtCpEHmqgLYm639UuhdIb92UEyuFwUDsCvtafnP_lUMVo1rx6pCm82v32tRdYlTOEN7N_QKQV3EQUj6WdwNQYDSDNt6gdALCK3hcLYuRbW-XeYAhxr99n3yPpDecc6pifv98fmgx4kxBT4tP63xKQVuavjuDwb45176whaIBmEaphDxeQjIfGTVK0