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Updated about 8 years ago,
Beginner's Route: SF as stepping stone or direct to MF?
Hello everyone! I'm curious about whether my plan for acquisition this coming year is half-baked...I'm a single mom of 3, renter, who's been drawing only about 40K annually from her business so that i could systematize it with employees and scale it (which is working well), so I can draw more out of it this coming year, but my credit is maxed out and I have no cash. I don't want to go the duplex model of entry for multiple reasons. So in evaluating whether to try to buy a SF with tenant in place or go for multifamily....my analysis says that I should skip buying a small SF as a stepping stone, and hold out for a small multifamily (over 4) bc hard money lenders will focus more on the deal than my own credit...anybody gone this route? Browsing LoopNet I've found a few MFs in ugly markets, 2 hours drive-time from where I live, needing rehab, numbers highly suspect bc they are so rounded a 3rd grader could do the math, you get the picture...If anyone has come from a similar financial background and can advise on how they got a foothold I would greatly appreciate it... my fear of doing a SF first is getting stuck small...I'm in Wilmington North Carolina, great growing market.