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Updated almost 2 years ago, 12/21/2022
Looking to get into multi fam investing - Need experience!
Hello Bigger Pockets Fam!
I'm excited to be on here with fellow REI's! I'm looking for a little bit of advice right now and wanted to put it out there!
I’m 30 and work in professional sales, I make decent income and have a little over a quarter million invested in the S&P 500 right now. I’ve always been drawn to multi family real estate but never pursued it.. however a few months ago I got really into educating myself on it all. I read “Crushing it in Apartments”, “Multi Family Millionaire 1&2” , “The Real Book Of RE”, and also did a course from Grant Cardone!
I even re read the “Multi fam millionaire 1&2” and took notes my second round. Needless to say, I have a lot of information and I have the processes sort of outlined - literally hundreds of pages of notes - but I only have book knowledge which is my problem. I don’t have any real experience actually dealing with banks for financing or looking at real OM’s or seller documentation or actually underwriting a multi family … so I’m really not familiar with any of this stuff other than just the text instructions, you can say.
I’m trying to narrow down a plan and process of what to focus on and learn how to do and I feel the most important thing for me to learn is how to actually underwrite a real deal with real documentation opposed to just reading about it. I want to practice this over and over again but I don’t know how to acquire this info other than actually speaking with brokers etc.. is there a better way to do this for practice ?
I’m ideally wanting to get a 16 unit C class apartment and value add but again I’m lacking all the experience on this and I’m 100% not comfortable underwriting deals until I’ve done it numerous times so I’m just wondering what you’d think I should do to acquire this knowledge? Are there practice sites for this type of stuff or what?
Thanks again! Kind wishes!