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Updated about 1 month ago, 11/14/2024
New Member Looking to invest in a Multi-family
I am a beginner looking for any advice on buying my first multi-family unit. I would like to buy and hold for 5 years or so and possibly refi to buy another one in a couple years. I have about 450k and looking to get my feet wet and would love it for any advice on good markets to jump into. I live in California but do not want to invest here. I have been looking at Cleveland and Lubbock but other than that I am just trying to figure it all out. I need help on how to analyze specific localities. Are there any resources for researching demographics of a specific area that would help?
I guess I need help determining how to locate properties to be able to crunch the numbers. I have been looking on loopnet but it seems like that is not the best spot to find good deals. Any help on how to figure out a local CAP rates for a specific area would be helpful.
I would also like to ask if there are different questions I should be asking to understand different markets as a first time investor in a market where I do not live or are not familiar with.
I might be interested in a good recommendation for a partner as well. I am good at crunching numbers and also bring some capital to the table. I also have a LTR single family home with positive cash flow. I am just looking to getting my foot in the door with a multi-family so I have some experience.
Thanks in advance!