Newbie looking for buy small multifamly

[Anne Musa]

Hi, I am looking to buy my first rental property. What will be the best choice in a duplex class A property with very little cash flow, and a class C 4plex, fully rented with more cash flow. I do not have a strategy now, I would appreciate the advice and any ideas. 

[Anne Musa]

Quote from @Jaycee Greene:

Quote from @Anne Musa:

Quote from @Jaycee Greene:

Quote from @Anne Musa:

@Jaycee Greene I actually looked at that property.  I don't have much info on that one. But yes, similar to the duplex. The 4plex is different but same price range.

 
@Anne Musa Great. Do you know if this one needs any rehab? Any idea what the rent would be for a 3BR unit in the area? The FMR is $1,530.
@Jaycee Greene, I do not have details of this one. but similar house range from $1115 to $1500. A nearby one rents for $1200

Hi @Anne Musa. At $1,200/unit/month and without any rehab, I'd estimate a bank loan of around $170k and a loan from a hard money lender around $210k.

@Jaycee Greene, OK, this is interesting.  How does hard money work, how can someone access that and on what terms?