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Updated over 7 years ago, 05/14/2017
How Can My 1st RE Investment be in Multifamily/Apartments?
BP Community,
I would like to receive input from those in the community who have more experience than I do. First a little background on me. I am new to real estate investing and BP. I started my journey a little over a month ago when I came to the realization that investing in real estate was going to be key to achieving financial freedom. In the last month I have read and listened to anything and everything I can get my hands on. I stumbled onto the world of multifamily investing by mistake and instantly knew that this is where I wanted to be. I have since focused my energy strictly on multifamily and have l have learned a lot of the foundations of investing in MF. So that brings me to my question:
How can I make my first ever investment in real estate be in multifamily/apartments?
I ask the question "How can" because I know that this is what starts the process in my mind in figuring out how to solve the problem and make it a reality. In my research, I have come across many who say that "you can't jump directly into multifamily", "you have to start with SF and work your way up", "no one will take you seriously since you don't have any experience in MF". However, I have chosen to reject this line of thinking and am focusing on instead how to make this a reality. I am not naive. I understand that capital, experience, net worth, and liquidity are all factors for securing investors and financing. I have 1) saved up over $100k that I am looking to start with, 2) family who are interested in contributing to the right opportunity, 3) a six figure income and 750+ credit score (I understand this is not as important on the multifamily side of things) and 4) a burning desire to make this happen.
Knowing that there so many of you out there that are further down the road than I am and have infinitely more experience than I do, I am requesting the assistance of the BP community to help me answer the question "How can I make my first investment in real estate be in multifamily/apartments?" Again, I've already heard from the people who say that it CAN'T be done. Now I want to hear from those say that it CAN be done. I hope that the responses on this post will be encouraging to anyone else out there who is looking to get started in multifamily. Thank you in advance for all of your valuable wisdom.