Sold a property and looking to reinvest

[Marylynn B.]

Hello everyone,

I just sold one of my properties and I am looking to re-invest. I have some cash and I am looking for the best way to utilize it to my advantages. I know there are many options but looking to leverage it as much as possible. There has been recent discussion on being "debt free". I have a small mortgage on my primary residence; own my other property and other assets outright. With interest rates so low it seems to make sense to keep money invested in either real estate or the market. I guess that "rich dad poor dad" book I read years ago made an impression. Anyway, having cash should present me with some advantages. My issue is this, is in finding the opportunities. for either buying below market value SFH or multi-families.

Question 1. I have found that opportunities found on mls, zillow, foreclosure or other "mainstream" sites are outdated and not always the best deals.  Where are these deals? Is it watching a pre-foreclosure? I have seen the tragedies in auctions and not sure I want that route :)

Question 2.  In the past year however,  my focus was multi-families for cash flow and appreciation.   I was actively viewing the mls for multi-families is the best route?

When seeing a foreclosed multi-family, it  has always puts a question in my mind if they foreclosed was it for a reason  I would be inheriting.   When it all comes down to it I can run the numbers.

Anyway, I have been out of actively purchasing investment properties for some years and times have changed, so if you could be so kind as to share where I should put my research efforts it would be so appreciated.   :)

[Liz Faircloth]

Hi Marylyn,

How exciting! We have a lot of experience buying multi family properties over the years. Early on I would say the biggest mistake we made was purchasing too high. Another great strategy is to find a target area. Once you have chosen a target area, you can drive around that area and look for distressed multifamilies. Then write down the addresses and do the research on who owns the property and reach out to them. The MLS is super helpful to run comps. We have also purchased many properties through the MLS as long as you get it at the right price. We have also found that the best deals we have gotten on multi-families are ones that need a lot of work.

Hope this helps!

Liz Faircloth