Getting ready to buy my first small multi-family

[Heather R.]

Hello,

I am generally a lurker, and I find posting on forums very intimidating. I usually listen to the BP podcasts and I love reading about real estate and financial independence. But I am gearing up for my first multi-family property purchase and wanted to reach out to people who have much more wisdom and insight than I!

I am currently in the process of selling my first rental (a condo) for a tidy profit. I bought the condo three years ago, lived there for two, and rented it out for the last year. I am selling now to take advantage of not paying cap gains (and I dislike knowing that assessments are coming that I don't have control over). I should have enough to roll that money up to a small multi-family around my area (hopefully around Tacoma WA). 

And I am terrified. AHHHH! But also really excited about accelerating my investing career. 

I have a ton of questions and here are a few:

1.) What is the best resource you found when you first started out?

2.) Should I find a commercial or traditional lender now? What information do they need from an investor? Do I need to have a deal in hand or do they give a 'preapproval'? (I think I can go the conventional route at least for the first one/first few)

3.) For the western WA investors out there - what events/groups have you found most useful? What memberships are worth the cost? I would like to meet others in the area, but went to a few duds that were a sales push...

4.) For the western WA investors in the Tacoma area - do you have a recommendation for a real estate broker or amazing agent that knows the investment landscape in and around Tacoma?

Thank you in advance for any advice!!

Heather

[Ryan Evans]

Hey Heather, there are a few of the resources that have really helped me out since I got back in the area. The Residential Housing Authority has free monthly meetings in several counties. Here is a link  http://web.rhawa.org/event

Also, the Fixated on Real Estate Meetup is great. And I sometimes go to the courthouse in Tacoma on Friday mornings to do some networking with lenders, buyers, etc., at the tax foreclosure auction. You probably won't find much in the way of multi-family's, but it's a great way to get more involved in real estate as a whole. No sales pitches in any of these!

I know some great brokers down in Tacoma and I'll have my license in the next week or two as well. Let me know if I can be of some help :)