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Updated over 5 years ago, 08/09/2019
Serious Case of "Analysis Paralysis"
Hi BP fam!
Right now, I am deep into my journey of buying my first multi-family property. I'm a dual-citizen from Vancouver, and will be looking to make my purchase in Florida. I'm not 'dead set' on Jacksonville, but I've narrowed it down to a good location with low-ish real estate costs, with decent rents.
I've been looking at so many 'deals' on LoopNet, Realtor.com, and I've contacted so many of the properties, that agents have even set me up on some MLS email newsletters. For the purposes of this venture, I have about $80k that I will bring to the table. The properties I'm looking at range between $50-600k, anywhere from Duplexes, all the way to 8 doors (and some seem to be even more). The properties I've looked at; some need complete rehabs, while some are fully 'occupied', and then there's others with something in between.
I've analyzed so many deals, that I've hit a state of paralysis. My plan is to go down to Jacksonville for 2 weeks, rent an AirBnB, and finalize a purchase in this time frame. But I need your help! I know you can't help me "pick a property" but I was hoping you could help me eliminate some. Should I avoid properties with tennants already fully occupying them? Should I avoid duplexes and opt for more doors? Should I look for dumps that need complete rehabs? Should I get a hard money loan, and refinance with a traditional bank later this year?
I haven't really been able to find any realtors that 'care' or that would be perfect for my journey. The Realtors i've been put in touch with seem to be through Opcity, or just realtors that get automated alerts from the site when someone presses interested.
Any advice, or if anyone can steer me in the right direction would be really appreciated..