Hey everyone! I hope you're all doing well.
My name is Lam, I am live in Florida, I am 22 years old still in school.
For the past few years, I've been managing a single rental home, and it's been a fantastic learning experience. But now, I'm eager to take my real estate journey to the next level by diving into the multi-family space.
Making this transition can be a bit daunting, as it comes with its own set of challenges and complexities. That's why I'm on the lookout for advice and mentors who have successfully ventured into multi-family real estate.
If you or someone you know has experience in multi-family properties, I'd love to connect and learn from your insights. Whether it's tips on property acquisition, managing multiple units, financing strategies, or navigating the intricacies of the market, any guidance would be greatly appreciated.
Feel free to drop a comment or send me a message. Your advice and mentorship could make a world of difference as I embark on this exciting new chapter in real estate!. Also I would love to have in-person meet with anyone.
Thank you all for your support, and here's to new opportunities and growth!
Hey, that's wonderful that you're thinking of entering the multi-family real estate market at the age of 22! It's a great decision. So, here's the deal: there are a few things you may do to start your career as an investor in this field.
Get educated first. Seriously, learn about real estate investing, especially in the multi-family sector, by reading books, watching online courses, and attending seminars. It's important to be knowledgeable. Start a network by going after that. Join online forums, make connections with seasoned investors, and go to regional real estate meetups. Networking can lead to relationships and provide you with invaluable insights. Let's now discuss money. Organize your finances. Recognize your spending capacity, savings, and investment options. If you lack capital, consider financing options like loans or perhaps collaborating with someone. Location is very important. Investigate several regions and seek out markets with promise. Consider areas with a healthy rental market, amenities, and solid career prospects. Make major decisions slowly. To get experience, start small with a modest multi-family building. It will be a terrific learning opportunity to oversee a few units. Think about locating a mentor, someone who has been in your position. They can direct you and assist you in avoiding typical pitfalls. Finally, practice patience. The game of real estate is a long one. Be persistent because it could take some time before you start to see any real results.
Keep in mind that every investor's journey is different. Continue your education, be dedicated, and make adjustments as you go. Good luck on your wonderful journey!
Hey Lam,
Very thoughtful post and best of luck on your journey. I think you are approaching this in the right way! Personally a big fan of building wealth through small multi-family.
My suggestions would be to find a local meetup in your area, keep tuning into biggerpockets podcasts, think about your existing network, consider house hacking.
I wish I had started when I was your age! Which part of this process feels a bit "daunting" to you? Analyzing deals, raising capital, just wrapping your head around the concept?
Hey Lam,
I completely understand where you are coming from. One of the most daunting aspect of multifamily for myself is capital raising. I would be happy to have a chat with you about all things RE investing.
I wish I had started when I was your age! Which part of this process feels a bit "daunting" to you? Analyzing deals, raising capital, just wrapping your head around the concept?
Any guidance or advice you can offer would be greatly appreciated.
Hey Lam,
Very thoughtful post and best of luck on your journey. I think you are approaching this in the right way! Personally a big fan of building wealth through small multi-family.
My suggestions would be to find a local meetup in your area, keep tuning into biggerpockets podcasts, think about your existing network, consider house hacking.
I wanted to extend my sincere thanks for your valuable advice on multifamily investments.
I'd be happy to answer any questions you have. To clarify, can you please specify what you mean by multifamily? There are two separate categories for multifamily properties. Any property that has 1-4 units is technically a multifamily property but is considered a normal residential property as far as lenders are concerned so the process to acquire a property like this is no different from acquiring a single family home. Any multifamily property with 5 units or more is considered a commercial property and that has it's own rules for lending and requires a different strategy.
I'd be happy to answer any questions you have. To clarify, can you please specify what you mean by multifamily? There are two separate categories for multifamily properties. Any property that has 1-4 units is technically a multifamily property but is considered a normal residential property as far as lenders are concerned so the process to acquire a property like this is no different from acquiring a single family home. Any multifamily property with 5 units or more is considered a commercial property and that has it's own rules for lending and requires a different strategy.
I am pursing commercial property and struggling find deals right now. Any suggestions ?
Hello Lam,
Definitely begin to connect with local realtors and explain what type of deals you are looking for. You can find these realtors on biggerpockets, through RE groups, or through a simple google search. I believe the biggest first step into multi-family real estate is to first find a good deal and then to find investors to invest into your deal. It will always be easier to find investors when you can present to them a great deal that will bring them great returns. Therefore, start by connecting with realtors, investors, and landlords to find a multi-family property to potentially buy. Hope this helps!
I wish I had started when I was your age! Which part of this process feels a bit "daunting" to you? Analyzing deals, raising capital, just wrapping your head around the concept?
Any guidance or advice you can offer would be greatly appreciated.
Thank you. For the next 3 months or so, finding deals will be harder. It's the perfect time to start educating yourself to prepare for what is to come. Establishing relationships with brokers at this time is absolutely critical. When the opportunities come they will be off-market. And if you're not talking to brokers and making offers, you'll miss out.
You also mentioned finding deals that are within your budget. If you focus on raising capital then you wont be as limited.
Hope this helps
Hey, that's wonderful that you're thinking of entering the multi-family real estate market at the age of 22! It's a great decision. So, here's the deal: there are a few things you may do to start your career as an investor in this field.
Get educated first. Seriously, learn about real estate investing, especially in the multi-family sector, by reading books, watching online courses, and attending seminars. It's important to be knowledgeable. Start a network by going after that. Join online forums, make connections with seasoned investors, and go to regional real estate meetups. Networking can lead to relationships and provide you with invaluable insights. Let's now discuss money. Organize your finances. Recognize your spending capacity, savings, and investment options. If you lack capital, consider financing options like loans or perhaps collaborating with someone. Location is very important. Investigate several regions and seek out markets with promise. Consider areas with a healthy rental market, amenities, and solid career prospects. Make major decisions slowly. To get experience, start small with a modest multi-family building. It will be a terrific learning opportunity to oversee a few units. Think about locating a mentor, someone who has been in your position. They can direct you and assist you in avoiding typical pitfalls. Finally, practice patience. The game of real estate is a long one. Be persistent because it could take some time before you start to see any real results.
Keep in mind that every investor's journey is different. Continue your education, be dedicated, and make adjustments as you go. Good luck on your wonderful journey!
Hey @Van Lam - love that your starting out so young! Already a lot of great advice here, so I won't repeat any of it.
Some of the best life/work advice I ever received was try to line up your interests, abilities, and opportunities - that is your work sweet spot.
I knew I had a lot to learn about CRE investing, and I wasn't enjoying my job at the time (not RE related at all) so I set out to get a job working for a RE sponsor. I've learned more in the last 3 years than did in the previous 10, and I've gotten paid to do it! It's also helped me discover my niche, what I really enjoy within the world of RE, and conversely what I don't.
That's my $0.02, wish you all the success in the world!