Newbie! Must Dos and Dont's to be Successful in Multi-Family Investing

[Tim OConnor]

Hi everyone!

I am 24 (never owned any home or RE), debt free, working as a commercial credit analyst at a bank (think very large, complex Comm. RE deals - so I thoroughly understand the accounting/lending/analysis side of Comm. RE), solid income, and eager to start my RE journey by buying an owner occupied quad with an FHA loan so that I get the long term fixed money through residential underwriting guidelines. Will have roughly $15,000 in reserves after purchase. Looking to grow slowly, never leveraging myself. New to the game, so there's much to learn! :)

Questions: Given my profile stated above, what risks do you see for me? What unexpected pitfalls did you encounter/mistakes you made when you started? What were some of the best decisions you made? What do you know now as a seasoned investor that you wish you would have known from the start?