Ideas on how to get started in multi family with $250,000

[Jay Ben]

What would you do, assuming you didn't have the experience you might have today and wanted to get into multi family with $250,000? 

[Chris Mason]

I suspect you will have other answers that are a variant of specific information and tips.

One that is a little different that I'll toss out there: find someone that has done this before, that also has $250k+, that wants to be a mentor, and see if they will go in together with you. Each of you are putting in half of the down payment, but I'd consider agreeing to a 60/40 split of the net income in favor of them. Their expertise has value, they now have good skin in the game, and they will/should agree to share their thought process when they say "that's a good idea" or "that's a stupid idea." 

They will do things like say "I already have a great property manager in that area," and now for other deals, YOU ALSO have a great property manager in the area. And when plumbing services are needed, great, now YOU TOO know a great plumber in the area, and so on.