Thank you all for the thoughts! I currently have SFH's and am not interested in a SFH portfolio. Based on what I'm hearing, more and more I think I'm headed down the road of mid-large MF properties. This may be opening a can of worms, but I'd be interested in hearing everyone's thoughts are on their best markets, if you have any contacts there and what you think $1M-$1.25M can buy you in those respective markets? How many units, typical returns, etc. The name of the game is sourcing opportunities in locations I may initially know little about, while at the same time always trying to buy right. Where and how do I find these opportunities? Websites? Networking groups? Brokers? The other question for me is do I shoot my shot at the largest bldg I can find with the most units to spread risk across units or do I find several smaller MFP's and spread risk across properties? I'd maybe like to find a "sleeper market" so my money possibly goes a bit further. At the same time, I'd need this city/town to be semi-insulated from economic downturn where people stop moving to entirely when the market shifts. All in all, I'm open to all locations, property types, sourcing resources, contacts and anything else anyone may have to offer that may be able to help. Thank you!!
@Will FraserThanks for the thoughts. Your last paragraph hit the nail on the head as far as what I was thinking; buy the biggest MF I can find so to spread risk across number of units. Obviously, keep in mind the value of the property and not just purchase for sheer size. @Erik W.My goal is a combination of your first paragraph in a large property but obviously this is all centered around cash flow. Cash on cash return is key for me. The large property would be purchased with the whole idea of positive cash flow in mind. I do not plan on managing a large building by myself; not necessarily entirely hands off, but more along those lines thank actively managing. I've read a lot about small commercial properties as you suggested and that could still be an option, but I'd have to get smarter on it to really hone in on what I'm doing there and what kind of options work best. I'm open to that though! @Stephanie P. Ohio is one of the markets I've been looking in. My company is based there and I have a decent network I think I could turn to for help/insight if needed. TN is also an option as it's not geographically far. I've had my eye on some Eastern TN markets. @Tony Clark The 12+ larger MF properties is what I'm interested. If you see those regularly, I'd be interested in seeing what's out there. I'd be willing to set up a search or get on your dist list, if you have one. Shoot me a PM when you can. @Anthony McEvoy I agree. I think this goes without saying but I would also take 50 all-stars as opposed to 100 headaches. Just trying to find markets and properties that offer that balance. @Brandon Goldsmith What markets in OH, and elsewhere, are you seeing this? Open and interested in all suggestions. @Jeffrey Donis I too, think I'll stay away from MHP. I have a couple guys in a local private investor group who have MHP investments. They have pretty good returns which was the reason for consideration. @Shiloh Lundahl I'm from FL and lived and worked in Tampa Bay for quite awhile. Over time, I've looked at tons of MHP's but as mentioned, I don't think that's my game. Thank you though!
