Looking for a Multi Family for cash flow

[Manik Sewak]

Hi everyone! I'm looking to purchase my first multi-family property as my next real estate project. Ive bought, sold, and rented single family residences the last 4 years and want to move up to bigger deals. (up to a million dollars)

I'm looking for a Multi-Family in an area with decent population growth and job growth, low crime, and with a good cap-rate... basically the dream

My plan is to purchase said property with hard money and lock in property management and work on refinancing to better interest rates asap. 

Im looking for any  networks, recommendations, cities to focus on, and basically anything that will push me in the right direction. 

this is my first post on Biggerpockets so I'm not really sure what to put here. I'm just hungry for my first big cash flow deal and want to find the right property to get it going.

thanks!

[Lee Ripma]

@Manik Sewak

Don’t skimp on your education phase. If you’re using hard money then you’ll need to do major value add quickly and then refi, make sure you get at least a 12 month term on the hard money (many are only 6 month terms). Also consider doing something that’s more of a stabilized value add through time that can be purchased with regular financing. If you’re going to be out state sound a major rehab with hard money you’re very likely to experience a major learning curve, stress, loss of money, loss of the property. Do research on different markets and then pick one that has strong fundamentals-job growth, population growth, diverse employment. Also make sure that the location you pick actually has the stock you want to buy-no all markets have existing MF buildings.