What strategy would you recommend?

[Joel Lazar]

Hi everyone! I want to scale up faster with Multi family. I have 3 properties. About $400k in equity between the 3 of them. One str one ltr and one primary home. I have zero debt besides the mortgages with rates from 2.49 to 3.49. I have $50k heloc with zero balance and might be able to get that increased. Of course rate is variable. Now I can start building my cash up again but right now I am cash poor. But I still want to do a deal. My credit is 767 and climbing back to 800+. W-2 income qualifies me as a accredited investor. I love my w-2 job but it doesn't leave a lot of free time to manage my own properties. So whatever I do, it has to be managed by a 3rd party. However, I don't want to be a LP in a syndication until after I nail down my first Multi-family property of 4 to 10 units. I want to own in a landlord friendly state like Florida or Texas. What strategy would you recommend to get this first multi family deal done?  Thank you!!

[Paul Moore]

Hi @Joel Lazar! It looks like you are on a great path! And I would highly recommend getting coaching or mentoring along the path. Or at least listening to every podcast or reading every book you can. 

In the short-run, I would recommend going to the max small local banks and getting the highest equity lines you can possibly get. Right now it's a little easier to get credit than it might be if the economy falters. Having those lines of credit could provide you with a golden opportunity to scoop up deals if the market goes south. This is probably the best thing you can do in addition to the education above. Good luck and happy investing!