Advice for getting started!

[Luke Fruge]

Hi all! I've been wanting to get into real estate for a while, specifically multifamily rentals. I've been trying to do some research but keep feeling like I don't know what the next step is. I already have a partner who is ready to go in on our first property together so the money aspect isn't what is holding me back, it's more of picking the right market/property. Any advice on how to find the right market for you and then what next step to take? Any advice is helpful! Thanks! 

[Joshua Noth]

Welcome to BP @Luke Fruge.  Picking a market you want to invest in can definitely be a tenuous process - there can be an infinite amount of things to consider! It's important that you decide what is important to you.  Decide what goals you want to achieve with your investment - cash flow, appreciation? That alone can quickly narrow your search in some cases.  Then, look into other metrics - vacancy rates, tax rates, population trends, company relocations, etc. that you feel comfortable investing around.  This can continue to narrow your search.  Maybe you want to potentially live in your investment one day - see what areas intrigue you from that perspective.

All these things can help narrow what potential markets to look at, but then go deeper into those - browse these forums and see what people are saying about those markets.  Set up keywords with those cities/surrounding towns so you keep up to date.  Also, this is very helpful: get in touch with a local agent. Ask them about their market! It's what they do for a living, and they can offer lots of insights.  Hope that kind of helps!