Multi family Apartment

[Otha Baker]

Hello,

My name is Otha, and I like to know how to buy your first multi family small apartment building if you have $20,000

                                                Thank you       

[Jonathan James Look]

Hi @Otha Baker,

Slow down a moment. There is no get rich quick path to success, though you might be lucky with a lottery ticket.

With that said, I commend you for wanting to be successful and jump into multifamily. Here's my advice:

• Continue listening to BP podcasts, and other podcasts mentioned by the guests.
• Continue reading the forums.
• Read books. A LOT of books. I've read 12 books in the last 7 years of my life... And I've read 12 books in the last 5 months. That's how eager I am to succeed after discovering a new way of thinking.
• Work on your credit score. Pay your bills on time. Use a credit card, or get a secured credit card to build your credit. Most lenders want a 740+ to qualify for good rates; anything lower and it's harder to qualify or the rates are too high to make the math work.
• Give a lender or two a call, and see what you could qualify for. That will give you a benchmark to meet.
• Ultimately, determine your WHY. Do you just want to be rich? You will likely fail. Find a calling, and let that push you forward.