Investor · Medford Lakes, NJ · Member since 2022 · 33 posts · 14 votes
Hello ~ I currently have a long term rental within minutes from me and just purchased a short term rental out of state. I'm looking to get into the MF arena but have a lot to learn. I see people say you'll never learn everything and need to jump in. My fear though is without learning as much as I can, I'll sound like an idiot and won't get very far. Also, the short term rental took all of my capital so down payments will be hard. I did sign up with a mentoring outfit but just feel like I'm putting myself more in debt. I see and read so many success stories and would love to be one of them - just feeling discouraged right now because I still have to work my 9-5 but am trying to put in the time to make something happen. So......any stories you more experienced investors can share about just getting started would be greatly appreciated!!! Sorry for the ramble - just on this roller coaster called life...........
Why invest in multifamily? Does it fit into your long term goals and vision? Or is it something you want to try out? There are pros and cons of MF and there are many successful investors that buy only single family or STRs. Multifamily is also a good asset class to own. Focusing on one asset type or strategy in the beginning is generally most effective than trying to learn an new strategy every year. Many multifamily owners have partners. Going to meet-ups and telling people you are looking to invest in multifamily is good way to find a mentor if you don't want to pay for one. Also what is the rush? In my market in Reno Tahoe, NV the multifamily market is all over the place. There are great values and there are some very high prices. There are still deals but really no rush to jump in. Keep learning and meeting people, work on making your STR as successful as possible and then sell that and find multifamily to invest in. Start small and work your way up.
Why invest in multifamily? Does it fit into your long term goals and vision? Or is it something you want to try out? There are pros and cons of MF and there are many successful investors that buy only single family or STRs. Multifamily is also a good asset class to own. Focusing on one asset type or strategy in the beginning is generally most effective than trying to learn an new strategy every year. Many multifamily owners have partners. Going to meet-ups and telling people you are looking to invest in multifamily is good way to find a mentor if you don't want to pay for one. Also what is the rush? In my market in Reno Tahoe, NV the multifamily market is all over the place. There are great values and there are some very high prices. There are still deals but really no rush to jump in. Keep learning and meeting people, work on making your STR as successful as possible and then sell that and find multifamily to invest in. Start small and work your way up.
Investor · Medford Lakes, NJ · Member since 2022 · 33 posts · 14 votes
2y
Thank you Bradley. I'm looking to get financial and time freedom and make a better life for me and my family with generational wealth. My oldest son is in college and wants to join me in this journey. I have a special needs son that will always be with me and I really want my time back to be there for him. I lost both my parents last year which was horrific because they were my universe! They were also his caregivers after school and in the summer while I worked. Now I'm in a position of having to find someone to be with him while I work and I want that someone to be me. I will continue to try and absorb all that I can. I'd love to find some meet-ups to start talking with people. Thank you for your sound advice.
Real Estate Agent · Kansas City · Member since 2018 · 4k+ posts · 3k+ votes
2y
I think you are anxious. Nothing wrong with wanting to do more but one step at a time. I would get the STR going and save. Don't get super aggressive where you run dry of cash or put yourself in a pinch. Multi family is not super different from a SF on the numbers side of things. A MF is a larger purchase price, higher DP and more doors which means reserves are needed to cover anything. Maybe tackle a few SF's then trade up but again take it slow and be tactical
Litchfield, MN · Member since 2023 · 27 posts · 16 votes
2y
For me personally, I find a tremendous amount of value in going through programs that help me learn at a much faster rate then what I could on my own as well as help me mitigate risk/self doubt. Unfortunately, there are some bad programs out there that offer little value.
Investor · Miami, FL · Member since 2015 · 355 posts · 268 votes
2y
Hard pass on the paid mentor, they target people exactly in your situation. I suggest becoming a multifamily agent/broker. You get to learn and see real life deals without plunging your own capital into it. If you're successful, you can use earnings to fund your own ventures. And when you are ready for that you'll be confident in your acquisition because you would have seen dozens of other deals beforehand.