Trouble Finding Deals In a Small/Limited Market
I am a relatively new investor, looking for deals in a town of about 60-70k. After my wife and I bought our first rental property in 2019, we purchased a duplex in 2020 and currently live on one side while the other side covers our monthly mortgage payment. I'd love to purchase more multi-family properties (duplexes, triplexes, even 4-6 unit buildings). Currently I am sitting on a lot of cash (to me anyway), halfway waiting for the opportunity to purchase a couple more duplexes on our street (I think the owner of a couple will possibly sell within the year) and looking for other deals all the time. There are a lot of single family homes for sale with the potential of cash flowing, but I'd like to get into multifamily. However, multi-family deals in decent areas get sold almost immediately after being listed (not only in town, but surrounding areas as well), and most of the single family homes that will cash flow well are much older than I would prefer.
My question is, should I continue to sit on cash and wait for/pursue more multi-family deals, or should I buy what I can with what I have at the right price in order to start getting a return on my money instead of letting it sit in a bank.
I don't have any investing mentors, so I'd be curious to see what some of your opinions are, and how you've found your best deals/investments.
Thanks