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Updated over 7 years ago on .

User Stats

2
Posts
1
Votes
Sara B.
  • Property Manager
  • Chicago, IL
1
Votes |
2
Posts

Property Mgr with 20K. My end goal is multifamily. Suggestions?

Sara B.
  • Property Manager
  • Chicago, IL
Posted

On the best way to build that 20k in to enough to buy a small property down the line? I understand that I am not going to build this overnight, I am just overwhelmed a bit by all of the niches. I'd rather start slowly, with lower risk. Thoughts on the best way for a beginner chicken to start building a base? I have two close friends who are Realtors, my best friend is in mortgage, and I have a decent network of contractors/maintenance professionals. I'm a good property manager. I have been in the multifamily industry for 17 years. I have a comprehensive understanding of financials and good judgement (I think) when it comes to growing my income, but I know nothing about the purchase of property. I feel a bit paralyzed now that it is actually time to jump in. Losing my little savings is scary and there is a lot of information to soak in. I would greatly appreciate thoughts on the best way to jump in to this with my background. Perhaps I can narrow down some of my research focus. I know I am going to have some failures, but if my first attempt is a failure, it is much more catastrophic. Help me quit being a weenie! :) Thank you in advance.