Multi Family

[Anthony Brown]

Hello BP community? I'm new to Real Estate and I'm looking to purchase my first multi family unit in the Baltimore, MD area. Are there any mentors willing to guide me along the way. Thanks in Advance

[Neal Collins]

Here's a good 3 step process to get you started. Don't be shy about going out and finding a good local investing group. That's worth it's weight in gold and those people will be able to give you great council. You'll be able find great local mentors and other people to network with.

Here it goes:

Step 1. Determine which area you would like to buy a MF.

Step 2. Get familiar with the area by walking the streets, calling all the for rent and for sale signs, checking rents on Craiglist, etc to get a feel for the market. Join a local REIA. Ask other property owners in your area typically how much their expenses are. Understand local Cap rates and Gross Rent Multipliers.

Step 3. Determine whether you would rather find a property now (work with an agent for on-market properties), or be patient and try to find something off market.

Good luck!