Advice for new investor looking to buy multi-family properties

[Jordan D LeClaire]

Greetings! 

My name is Jordan and I am an ESL teacher in the Appleton, WI and have been obsessed for a while now with reading and learning about all things real estate, specifically multifamily homes. I am getting married this March and my fiance and I are planning on buying a multi-family home to owner occupy in the Green Bay area. 

What 3 pieces of advice would you give a young married couple looking to start investing in multifamily properties? 

Regards, 

Jordan LeClaire

[Jonathan Twombly]

Originally posted by @Jordan D LeClaire:

Greetings! 

My name is Jordan and I am an ESL teacher in the Appleton, WI and have been obsessed for a while now with reading and learning about all things real estate, specifically multifamily homes. I am getting married this March and my fiance and I are planning on buying a multi-family home to owner occupy in the Green Bay area. 

What 3 pieces of advice would you give a young married couple looking to start investing in multifamily properties? 

Regards, 

Jordan LeClaire

Just one piece of advice.  No matter what story you can tell yourself about future appreciation, hidden value, path of progress, gentrification, hot markets, hipsters moving into the neighborhood, or whatever other non-scientific, non-data-driven "evidence" in favor of why you should buy this non-cash flowing property now because the future prospects are great, DON'T DO IT.

Only buy for cash flow.  Don't buy property that you have to finance out of pocket because of some future return you tell yourself you're going to get that's going to make it all worthwhile.

Cash is King.