Getting Started in Multi-Family

[Vance Courtney]

Are you looking to get started in multi-family investing? Do you simply want to put up capital (money) to fund a deal or do you want to take a more active approach and raise capital or find the deal? 

No matter the choice, EDUCATION is THE MOST critical component to getting started.  Now, take that with caution as well. You don't want to get stuck in analysis paralysis and then years go by while you're still stuck in the same place.  I believe in taking Massive Imperfect Action but that does not mean to take Massive Uneducated Imperfect Action.

Here are some ways to acquire the education

1. Digital Media (Podcast/Youtube/FBLive), again don't fall victim to sales pitches.  Look for quality education and follow people like Adam Adams. Michael Blank, Joe Fairless, Matt Faircloth, etc.
2. Books or Blogs - You're on the right track here at BiggerPockets.  I can't recommend Best Ever Apartment Syndication Book if you're looking to raise money and take a more active approach. 
3. Seminars/Meetups - These are some of the best places to network with some of the best in the industry and learn from them.  This is going to be one of the most impactful methods of getting a ton of value and information for a fraction of the cost (spoiler alert: some are free)
4. Mentors (Free or Paid for), be aware of 'Gurus' and look for individuals STILL ACTIVE in the multi-family space. A mentor can accelerate your path to financial freedom. 

After you've picked one, many or all of the above mediums to educate yourself, here are the key topics to educate yourself on. 

1. Terminology - this is the easiest and fastest topic you need to educate yourself on.  Without understanding the lingo you will have a harder time communicating with others in the industry. 
2. Numbers - Strong understanding of the numbers and how to calculate them.  Don't be fooled by the different sheets/calculators.  These tools can be helpful but you need to know how to run the numbers so you can determine if the numbers are accurate. 
3. Roles & Responsibilities - A team's roles & responsibilities (property manager, lender/broker, agents, attorney etc).  Do not think for a moment you can go into this as alone.  Multi-family is a team sport and you must know the roles & responsibilities of your team members in order to succeed. 

Doing these few basic concepts you set yourself up for success instead of the endless analysis paralysis and never taking action.  Instead of researching around trying to find out why multi-family is THE BEST investment strategy, then I'd recommend you start implementing this plan to educate yourself.  Learn the terminology, numbers and roles/responsibilities to get you started no matter if you're going to be an active investor or a passive investor.