You are viewing a single comment's thread from:
RE: Multi Family Housing = The Big Fish
I would love to know your market because that sounds like an incredible investment. The cap rate on your quad is fantastic. I've been looking for multi-unit properties in my area for the last couple of years, but haven't been able to find anything that would profit enough for me to pull the trigger.
I'd caution folks to be sure to study up before simply jumping in. This coming from a mortgage broker in Washington state.
Well, I'm in the coastal area of Virginia known as Hampton Roads. I see you're in Spokane. I know it's a little ways off but I did check out the market on the western side of Puget Sound, Bremerton, Port Orchard, down to Tacoma or so and up to Poulsbo. I saw some good properties and even some distressed extended stay hotels that might be neat investments. I'm sure that's a solid 8 hour or more drive from Spokane, but may be worth looking into. Personally, I can't handle the rain there :p beautiful countryside though
Oh yea it's definitely beautiful over there. I was looking for multi-units so that I could live in one unit and use the FHA 3.5% down, which is why I was being quite picky since I would be living there as well. I'm sure if I went strictly for investment purposes I could find other options. That's awesome that you're getting a 1.6% return though! A couple more of those and you will be sitting pretty!
Thats the thing. I could never live in my fourplex. I would have to be in a REALLY tight spot to consider it.
Thats currently what I'm looking for as well! It is tough to find a 4 unit decent priced to live in. But you can also use a 203k on a 4 unit, although I'm not sure if this raises down payment?