Thank you, everyone, for your input! I was nervous asking this because it seems so ridiculous, but at the same time the doubt I had on the subject was driving me mad.
@Michele Wax so many good ideas and tips! Thanks!
@Joe Splitrock Im glad you mentioned limiting factor, because I know there are times I get in my own head. However, there are times when I'm not sure if its my brain or if its lack of knowledge.
For instance, a quick glance at multifamily homes in New Haven (a city very close to where I live) reveals that the cheapest I can find is $150k. Cheapest, but probably not best. In order to get a downpayment for a traditional loan on such a property, the lenders I've spoken to would want $37,500 to $45,000. Money I couldn't possibly accumulate at one time for years and years just from a 9-5 job, spouse included. Going off the sentence right before this, that is an example, to me, of a mental barrier as well as an actual financial barrier.
Now, I also found a 3 unit building in the same city for $300k. Ive previously found buildings in another nearby city with 6 units for $300k. All things being equal (and I know they're not) why go with the 3 when I could theoretically make twice as much on 6? I know I doubled the down payment size and doubled the price, but for argument sake, it's the same amount of legwork and same very large amount down for those.
I realize that this is a gross over-simplification, there are lots of other variables outside of purchase price and cashflow that will make one better then the other, or kill both, but that is something I am struggling with. I realize there are barriers, some I can control and some I can't. All of them can be broken, but some times I need some help from a bunch of wise folks who have been there before me.
