How can I utilize the equity in these homes to branch into multifamily/commercial properties?

This house is in already good shape, lets say it will need $1.5kBoth of these homes are located on the same street and I could easily collect $750/month + utilities.

My long term goal of the building is to refurbish all units, convert the dining room to a second bedroom and finish splitting out all of the utilities.

The members here will not only share information with you but also help you when you have questions and provide support when needed, so make sure you fully utilize the help.

Definitely, look into Real estate sales training as it will also provide you with an excellent education on how to find and utilize OPM (other people's money).

Welcome, and what a great way to find a niche utilizing your experience.

Gas and electric utilities are split; water is not.

Building is roughly 6000 sq ft, 3 story with a commercial unit on the main level and 4 apartments.Current rents:Commercial space - $500Apartments - $300/ea (Tenants pay all utilities)Light on top of building that banks rents $126Total: $1826 per monthPurchase price - $92k (land contract)Down Payment - $10k5.5% interest on 20 yr mortgage with 3 year ballonMortgage payment: $564Taxes - 3300 annuallyInsurance - 300/monthA few things to note:- Rents need to be raised.

Yes this is nothing new to the big boys & girls out there, but new to me as I have only purchase new completed places.This is the current bus. model that worked on my building1-build/buy new & hold(unique duplex like SFR - thus hi quality tenants)2-cash flow-not great but good3-exit by selling as condos (30% higher value than the whole duplex structure)These are the rough number on one current duplex:-150K 0.4 acres land purchase for ONE duplex (an average - extremely hard to find)-300K Build and contractors fee-20K City utilities (can save here w/ tear down-Utililitie in place & easy to permit)-Appraised at 470KWith these numbers there is no deal/money to be made upfront unless the appraisal rises or the land price drops.

Forgot to mention - I would pay cash for the property and I have factored in 10% annual maintenance/repair, 5% self managing cost; $1393.00/year property taxes, insurance, utilities, and 10% vacancy/bad debt/collections into my spreadsheet.