First timer buying 10+ units

[Priscilla Cheng]

Hello,

I’ve been living in one unit and renting out the other in San Francisco for the past 7 years and I'm thinking about investing in a larger multi unit building (hopefully close to 10 units). I'm thinking about some towns in California, away from the bay area or in  areas like Texas or Virginia. I would like  buildings  that will give me good profit after paying all expenses. 

I would appreciate any advice from people who've done this before. What are things I need to watch out for or consider when buying a multi unit vs a single family/duplex?  Thanks!

[Matthew Baltzell]

@Priscilla Cheng 

"I would like buildings that will give me good profit after paying all expenses."

I would get more specific about your investment criteria:

- Number of units

- Specific sub-market/ area. 

- Price Range

- Market Rents. i.e. 10-15% below market, etc

- Returns your looking for

- Type of Investment: Turn-Key, Value-Add, Reposition, etc

These are just a few. It's up to you to determine what it is you exactly want. Once you know, brokers will take you a lot more seriously. 

*It's important to note, you should follow up with the broker even if the deal doesn't work for you. This way you'll be taken more seriously and on the front of mind.