Hindsight

[Tim Coppola]

Does anyone have any experiences or opinions they'd like to share about how they got started and in hindsight if they would have done it a different way.

I'm new to REI and would like to hear peoples opinion on the best way to start off. I have no experience what so ever in the industry so I want to start off slow and make sure I do it right from the beginning. I'm in Chicago and have about $35k I can put in. My initial thought was to buy a multi-family home, preferably 3-plex that doesn't need renovations and owner occupy it. That way I could get used to owning a place and also being a landlord. Then buy one unit a year for the next two years. Another option I just started researching is buying something larger, no more than 10 units though, and hiring a PM (I currently have a full-time job). I'm afraid that may be to much to quick though.

Thanks in advance for your responses!

Tim

[Tyler Vining]

@Tim Coppola  I am just starting out myself. I would recommend listening to the BP Podcast! In every episode successful investors explain how they got started, mistakes they made, and what they're currently doing to be successful. After the first episode you'll be hooked! Then just scour the forums and you'll learn about every aspect of every strategy you mentioned above. 

In the podcast Brandon Turner is a big fan and talks a lot about the strategy of starting out in multi-family and being an owner-occupant. 

Good Luck!