22 Units- Too big for first property?

[Brittaney Woods]

I just found a 22 unit building that costs a little over $1,000,000.00.

I asked if the owner is willing to finance with just 15k down and they actually sound serious about financing me.

I've read Kiyosaki's books and even he says to start small.....but I've also read Tyler G Hicks' books and he really just talks about starting, no matter how big or small the property is.

My question is, is this too big of a property for a beginning investor?......Should I keep shopping around for something smaller?

I don't have all the details yet, I will get them as soon as I send my POF and LOI.

[Gilbert Dominguez]

In order for this owner to be in a position to do owner financing on a $1,000,000.00 property it means he is a fat cat with allot of experience who will take 10 to 20 new investors just like you and eat you for breakfast. 

This is way to big of a property for you to get started in. It can very quickly turn into a nightmare for you that you will not be able to get out of without losing your shirt.

However, if you happen to be a person who is very astute and have management experience or who can round up experienced people to help you then you might just pull it off. How well do you understand managing the cost and all relative issues when it comes to a building of that size, Its not really all that big but still 22 units may require allot of work. How well can you accurately evaluate the building and its present and historical performance? What will you use to cover any closing costs, insurance and what have you on hand to create a maintenance budget? Where will your needed reserves come from?

Proceed if you determine you can handle things but be ready to book the minute you suspect this may be beyond what you can handle. there are plenty of fish in the sea, as they say.