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Updated over 8 years ago on . Most recent reply

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Skylar Powell
  • Barstow, CA
4
Votes |
4
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Thoughts on multifamily as a first investment?

Skylar Powell
  • Barstow, CA
Posted

This is my first post here, hopefully not the last..so my situation is this; I am receiving an annuity benefit from my mom's passing and would like to use it as a down for a multifamily in my area of Barstow CA. Property is not the best, low income area, above average crime rates, and most buildings were constructed between the 40's and 80's. However none of this is going to be much of an issue(at least I think) due to the fact I already live in what is basically the worst of it as an "on site property manager"(I'm cheap labor, process server, and rent collector for a young[23] slumlord) of a small 6 unit multifamily. Evictions, repairs, tenant disputes, drug dealers and a crackhead or two or ten who destroy units...I've dealt with it all and I know landlord tenant law inside and out thanks to my desire not to be treated poorly by my landlord despite his best efforts, and the financials I've researched all I possibly can in the last few months in hopes of being an owner occupant soon. But I(27) would like to bring my older brother(41)and sister(42)into this to really make the most of things. Brother can't invest with 2 young ones but has an mba as a tax specialist. Sister who is considering investing for the down payment has the best finacial backing and job lives 2 hours away in Nevada and I fear wouldn't go for it if there is any risk having just finished getting out from under bankruptcy. So how do I assure its worth the investment? And if I'm on my own how do I make roughly 20k cover down, closing etc.etc.???

Most Popular Reply

User Stats

757
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377
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Zach Quick
  • Investor
  • Bentonville, AR
377
Votes |
757
Posts
Zach Quick
  • Investor
  • Bentonville, AR
Replied

@Skylar Powell A lot going on here, but you don't look like you know what you want or what you are looking for.  My advice would be to read as much as possible on here or watch podcasts before you try to do anything.

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