How did you start multi family investing?

Question

I’d love to hear from people who got into real estate investing as a side hustle.

How’d you find your first property to buy? Listing? Networking?

Also, how’d you know where to look?

I make a decent salary, mid six figures, have about $50k saved, looking to put about that much more into the bank before starting out. It’s incredibly daunting. Starting with multifamily honestly to keep it simple.

I’m in NJ/near NYC, also not sure what town, city, or state to start looking.

Avery Heilbron · Answer

As many people have said a househack is a great place to start. There are many small multis in your area that are possible to commute to the city from. You might not live for free with today's rates and prices but over time with appreciating rents and prices you will win in a solid location

Julien J. · Answer

Started with a house hack.

Found everything on Market.

I'd suggest thinking long term in this hot market. Deals are incredibly hard to find and the competition fierce.

Daniel McDonald · Answer

House hack for sureeeee. I live just outside of Boston and that's how I've managed to buy two duplexes. It's so powerful.

Salim Koroma · Answer

Hey Matthew,

First, congratulation on your real estate journey.

Definitely, do your due diligence and run your numbers to give yourself a better chance at a smart investment. Figure out your buying criteria. Speak with like minded people. My first multifamily was a duplex that I house hack in Miami. I used an agent

Mohammed Rahman · Answer

Hey @Matthew Matilsky - I was in your shoes in 2019. Good income, stable amount of savings...

I started by doing some basic reading and research into what kind of real estate investing I wanted.

Most first time investors will wet their beak into something more turnkey and stable as a buy & hold instead of jumping into flips or etc.

With $50k saved, you could put that towards a modest single or even multifamily in Queens/Bronx through an FHA loan.

Alternatively, you could do what I did and use that money to buy multiple properties in places that are out of NYC.

Shoot me a DM if you have questions, happy to point you in the right direction.

Julien J. · Answer

Good question. I'd buy now before the interest drop which will drive up demand and prices.

I also believe we are about to start another 10yr cycle. When I say think long term, I mean play on holding on to the property for at least 5yrs and play out the YOY rent increases and local appreciation.

Ruchit Patel · Answer

The obvious answer is correct.

You start by simply googling and talking with people. Of course, saving money started a long time ago, before networking.

Don Pena said, in free market capitalistic country, you are only few thousand phone calls away from becoming multi-millionaire.

Like many people, I started with turnkey providers, so I don't have to reinvent the wheel.

Matthew Matilsky · Answer

Can’t do it unfortunately! Closing on a single family. Was tempted though. Would you have been able to scale up without the house hack? Is it notably harder to get started? Thanks for weighing in Daniel.

How did you start multi family investing?

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