Starting in Multi-Family Properties

[Andrew Moran]

I'm a 21 year old college student who has over the past year become very interesting in owning multi-family properties. I've seen many different opinions on this topic and have struggled to come to a conclusion; is it best to start with a large property (15+ units) or begin with a small du/tri/fourplex? At what point does it become necessary to hire a property manager?

Thanks!

[Todd Dexheimer]

Starting with a 15+ apartment will catapult you to larger deals faster if you can get the 15 unit purchased. You will need a down payment of 20-30% and will likely need a loan sponsor if you have no experience and little money. Starting with a 2-4 unit will be much easier and probably a great idea, especially if you are willing to live in a unit.