New Investment Group - Looking For Guidance To Grow Business

[Daniel Sobsey]

Hi All,

I'm starting a real estate investment group along with 3 of my friends. We recently received our letter of pre-approval from our mortgage broker and will begin searching for a multi-family investment property within the $350K to $400K range. We are searching for a property within Northern NJ (very likely Hudson County) so it's been difficult to find a cash flow positive property that fits our price range & criteria. Our ultimate aim is to acquire this property, build equity, and learn the ropes of property management; we have a long term vision of turning this group into a full-time business. 

I was hoping to receive some guidance as to how to expand our business past the first investment. We are all W2 employees with solid credit and incomes however this first acquisition will drain most of the cash we have. Any guidance or thoughts would be appreciated. Happy to discuss more details as well. 

-Dan