Multifamily investor prerequisites

[Michael Esver]

Hey Gang! This is my first but not last post for the community :-) 

I have 7yrs of buy and hold SFR experience and wanted to ask the group if their are any prerequisites getting into mulftifamily investing? Things like a real estate and or broker license/background? Thanks in advance.... Michael

[Steve Olafson]

Pick a target market and learn everything you can about it.  Get to know what properties are where, what the rents are, why people live where they do.  Build a model for expenses that you can use as a "quick analysis" without using the supplied numbers. 

Get to understand the areas well enough that you know what the basic rents are for each area.  Do this be visiting apartments as a potential renter and tour them.  Let the leasing agents try to sell it to you.  They will always want your phone number so be prepared.  I have a few lines from www.toktumi.com that can be used for various purposes.

Then shop, shop, and shop some more.  Look at everything that comes available until you are calibrated to the process.