Multifamily start up

[Ismael Mathurin]

Morning Bp family

I am a real estate investor in Massachusetts approaching my 1st year of taking action. To be honest, I was trapped in Analysis paralysis mode for awhile. 

  The main strategy I've been focusing on is wholesaling. However, Lately, I have been thinking about getting into  multifamily investing to start my portfolio. I wouldn't mind living in one unit for the first year. 

What are somethings I should be considering right before making this jump? 

How did you guys went about your first multi family investment property? 

I don't want to start overthinking this process, at the same time I would like to know the correct way to go about this. 

Thank you 

[Joe P.]

Househacking. A great idea especially if you currently rent. Might as well put the money to something that can eliminate expense(s) for you and have someone pay your equity. Frankly I wish I had thought of it in my early 20s. I'd be far better off financially than I am now, but we can't change the past.

It's simple -- what are you doing now for rent/debt, and what can you get into in your area? If you think you can do something good like a SFH and rent out bedrooms, or an actual MFH with rooms you can rent out, do it.

For me to make that jump, I'd want all expenses paid on the property at a minimum. That would be PITI and utilities. And then I'd try and work the numbers so they're also covering CAPEX, maintenance, etc. That'll be the biggest problem, if something breaks in YOUR home, YOU have to take care of it.

If you're not ready for home costs, then don't bother. Save money, eliminate any debt that may exist, and wait for the right time to strike.

I don't know the market in Fall River, MA but I checked some websites and it seems like MFH homes are in the 250-350 range. Again, run the numbers. I think BP has come calculators that could help you with buy/hold and househacking.