Hello everyone. This is my first post on this forum. My wife and I live in Wa state. Currently trying to sell our house and are interested in using the profits to place a large down payment ($80K) on a 4 plex in the Phoenix, AZ area.
Why Phoenix? Why a 4 plex? Because that is where my wife and I want to live within the next five years, and a 4 plex nets more income than a duplex or single family home (I could be wrong). My wife and I each have close to an 800 credit score and carry zero debt besides our current mortgage on house we have for sale. Once our house sells, we plan on renting a home (hopefully for substantially less than our current mortgage).
Our long term plan is to purchase a 4 plex, pay it off and purchase another and funnel the majority of the net income from both to pay off the second. Wash, rinse and repeat until we can purchase an apartment complex or possibly build one brand new someday. The only factors I believe we have going for us is our age (were both 31), credit scores and being debt free once our house sells. As well as our willingness to sacrifice comfortable housing and quality of life right now in order to afford to make investments to secure financial freedom in the future.
I am totally 100% uneducated on how to go about purchasing an investment property out of state. With this being said, I am open to all suggestions/criticism, pros-cons etc. Thank you for reading!
