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Updated almost 6 years ago,
Need some advice on investing 400k to 500K
Hi Guys,
It has been awhile since I have posted, been a busy 3 years. Started flipping and now I'm on my 4th flip a big property in DC. Found some solid contractors and I have learned so much. Now I'm thinking, I have a condo which is worth around 500K and the rent is 2150 but after condo fees and management fees it is a lousy $1450 a month. So I'm thinking of selling and buy a multiunit apartment building but trying to see what state is a good choice?
I have looked at Arizona, Ohio, Texas and Florida and it seems they have some good properties with cap rates in the 7 to 8% but I prefer DC or MD but as usual properties have lower Cap rates. I want to have a monthly income so I can quit my job and concentrate on the flip. So any advise is appreciated. Thanks!