Hello people of Bigger Pockets!!!
Reaching out for advice, referrals, tips and trick, raw criticism and everything else above.
My wife an I have a goal to get eventually start investing into small to medium value add multi-families properties, (50-80 unit) for example. Too big for the single familiars and too small for the larger investors. That bias may completely wrong haha. Anyhu, between the both of us, we have done a couple of buy and hold investments. We have one duplex in the Houston area which we got into as a house hack, but is now is fully rented, and a couple of turnkeys in the Memphis and Birmingham regions. All of these were great for experience and still provide stable cash flow, but "SMALL" cash flow in the end. We are ready to step into the next tier as we feel that's where great cash flow resides.
These type of multi-families can require a large lump sum of funds to get into. The question is, where do we get that cash without having to save for a long term? Our thoughts were maybe to get into a couple of flipping opportunities to build up the cash to eventually put into a multi-family.
My goal for this post is to get people's advice or perspective on the idea. Knowledge is power after all. For example, maybe getting into these types of multi-families doesn't require such a route as I mentioned above and could be lot easier or different then we are thinking. If flipping can work to build up cash, maybe some advice on good markets? We were potential thinking about the same markets we are already invested in? Maybe some suggestion in regards to some top contractors, brokers, property managers etc.? Research shows and we believe that networking and developing a great team on site before investing is a winning start. I have worked on houses myself and am not afraid to put the work in and sweat, but I don't live in those regions, and honestly I consider our time an investment as well. So basically any labor required, we would like to pass that onto a reputable contractor to handle. We don't mind paying the money if the work is good and the numbers make sense. Having great referrals to potential properties can help and that's where a great broker could come in handy. Having people we can talk with that have investing in the same markets can give us great insight to great locations and bad location. Reliable people equate to reliable/profitable investments.
Taking this all into account about us wanting to get into multi-families of this caliber, our reasoning is simple, financial freedom. Everyone wants financial freedom and everyone has their own definition as to what that means for them, so do we. Enough cash flow coming in to meet or exceed what we are currently pulling in from our day jobs. This will cover our bills and expenses and ultimately allow us to eventually quit our days jobs and solely focus on real estate. We want to be our own bosses and decide how we want to make and spend our money. No more corporate, only more control of our own lives.
I look forward to any future commentary and appreciate it all, good or bad. Thank you in advance everyone!!!
