What would you do? Starting a new career with multifamily in mind

Question

BP,A slight twist on the classic question, "should I get licensed?"In 6 months I will be transitioning out of the military and into civilian life, with no job lined up. I have a very clear 5 year goal but need some help with the next steps. The goal is to use a multifamily value add + buy and hold (basically BRRR) to build a portfolio that provides financial independence (roughly 75k a year) for me and my family. So what career would you choose if you were just starting out as apartment investor? Its worth noting that I have a 6 month financial runway to support my wife and I, and have saved enough for a down payment on a small-ish multifamily.

Chase McArthur · Answer

@Gregory SchwartzHey Greg, got the call. So I read over your post and I feel like there are quite a few options you can exercise. Being prior service myself, I feel your struggle. What in the hell does life have in store for me "after"?First off, yes, get your license, its a great back pocket accessory that you may or may not use, but will be there if you need it. If commercial real estate is where you ultimately want to be, then jump right in it and associate with a commercial broker after you get your license. There's a common myth that says you have to start in residential and work into commercial...total BS. This will give you the inside track to the industry and will position you to start your empire. Take advantage of the VA loan. Find a quad, buy it, live in one of the units, rent out the other 3. This will be to your advantage in a number of ways. It will get your feet wet in property management, it will support a roof over your head while you pay your dues as a commercial broker, and it will enable you to slowly begin scaling your operations. If you haven't already, start looking for quad properties in New Braunfels. You have reserves put aside which is excellent, the VA is no money down, and the income produced by the other 3 units will give you supplemental income while you establish yourself. I sent you a connection request. If you have any other questions or want me to expound on things, feel free to message me. I can also give you my cell if you would like to chat. New Braunfels? You wouldn't happen to be a fellow "whiskey" would you? I was stationed at Sam Houston back in 09'-10' and have some awesome memories from Schlitterbahn and Gruene Hall!!

Luke Miller · Answer

@Gregory Schwartz an easy way to get started is on the commercial brokerage side. You might have to start doing leases, but it won't take long to move towards the sales side. Work under the best, get access to costar, start honing your sales skills and relationships and you'll take off. Eventually, you can put commissions into the deals and start passively investing that way.

Bill F. · Answer

@Gregory Schwartz depending on what your MOS and background is you could look into a job at USAA Real Estate on either the debt or equity side as an analyst. The have $20B AUM and would be a much better jumping off point to a MF/CRE investing career than working for a PM or as an agent.

Chase Louderback · Answer

That's a question that only you can really answer. I think your routes could be: real estate agent, property manager, or see if you can get a job with a REIT or other syndication group in order to get the behind the scenes in the business. I am tagging @Chase McArthur for this thread. He would be a good person to discuss some options with since he currently works as a commercial real estate broker and is very experienced in analyzing investment properties. He may have some ideas or potential career paths for you (and anyone else following this thread) to explore.Best!

Account Closed · Answer

@Gregory SchwartzI live in New Braunfels and know some great realtors and property managers. My wife and I own 10 sf and 1 duplex here in town. If you are interested I can get you in contact with some good local people. PM me if you want. Thanks for your service!

Gregory Schwartz · Answer

@Hunter Locke that's a damn good idea

Hunter Locke · Answer

@Gregory Schwartz - Congrats on getting out, I just transitioned out myself. If you're very open to all your options, if I was you I would start contacting a lot of the MF investors that have been on the show and see if they want a high caliber barrel chested freedom fighter on their team, maybe you can start as an underwriter for someone while working for low pay but a small equity share in deals.

Ryan Beasley · Answer

@Gregory Schwartz There’s a lot of avenues within real estate and even within the multifamily property type. Linking up with a commercial real estate brokerage and working on the management team and as an agent would be a great start. You’ll figure out extremely fast whether you love it or hate it. I specialize in just multifamily sales in GA & SC and the business Is lucrative if you know your product and work the system consistently over time.

Frank Procopio · Answer

I started as a rental agent for an apartment complex shortly out of highschool and worked my way through every phase of real estate. To be honest I received more education being immersed in management. The stuff that transpired on a daily basis cannot be taught in a book. Being an agent however is more lucrative. They go hand in hand so if you enjoy it, you should definitely get your license

Bivi V. · Answer

It will be great to be involved in Real Estate !Get started !