Hello World! I am new to BP & RE investing. Any pearls of wisdom?

[Isabella White]

Like the title says, I have recently discovered Bigger Pockets and am so excited to have found a community/forum of likeminded investors!

I have been “flirting” with the idea of Multifamily RE investing for 6 months now, and want to get over my analysis paralysis.

I have access to about $50k, and feel like the market isn’t very welcoming to newbies like myself. Not to mention there is a whole lot of talk of recession in my current industry. Of course no one can truly time the market, but is it potentially wise to wait a quarter to see how things unfold (and to study more on this type of investment)?

Additionally, is it in my best interest to "start smaller" with my current cut of cash, perhaps with a FHA 4 unit <$800,000, or should I pursue bigger deals and the syndication route?

TL;DR: Newbie with $50k in the Miami multifamily market looking to buy.

Thanks a bunch in advance!

[Jia Lin]

@Isaac S. - Great tips! 

@Isabella White - A few others below:

1. If you don't use a licensed real estate agent, leverage a lot of free sites like Zillow, Zumper, Facebook etc to list vacancies for free. However, definitely make sure your lease is standard for your market if you don't use an agent. For rentals, I never had a problem finding tenants within a couple weeks through private ads.

2. Take your time screening tenants, don't just accept the first ones that apply. Horrible tenants will make your life miserable. Easier to reject them outright then deal with headaches later one. Also trust your gut, if something seems off you're probably end up being right. Make sure tenants have credit above 650, monthly income atleast 3x rent and clean background.

3. Know your lease like the back of your hand. Specifically what you're responsible for and what they're responsible so you'll be able to push back if tenants try to take advance of you.

4. Leverage move in and move out condition list. I conduct a detailed inspection before and after each lease. Personally like to address any potential issues up front. Saves you from late night texts and cuts down on maintenance needs down the line. 

5. Credit/background reports don't have to be expensive. I use the ones from tenantbackgroundsearch.com. The $23 check will even tell you if they have traffic violations.

6. Set boundaries - provide business hours if needed and limit weekend communication to emergencies.

Good luck!