Starting my Journey

[Tyler Kesling]

Good morning BP,

I'm from a small town in Eastern KY and I'm starting my journey into the world of REI at the ripe old age of 46. I have goals of obtaining enough MF property to replace my current career by the age of 50 (I'm actually shooting for $6K/m by November of 2026 because, why not?) so I can spend more time with my wife and newborn along with travel, challenging myself, and become the largest investor in my area. I usually receive a large bonus from work in late June so July 2025 is my target date to buy my first piece of property, although I realize opportunities may arise before then. I've recently read "Think and Grow Rich", "The Millionaire Next Door", "Multi-Family Millions", along with several Grant Cardone books. Currently I'm listening to "ABCs of Real Estate Investing" and I've subscribed to the BiggerPockets podcast. From all that I've created a detailed plan to learn as much as possible before I make a purchase. One of my first orders of business is to start learning how to do market research so...

Question- what is the best way for a newcomer to learn to conduct Market Research? What all does that entail?  

Thanks in advance for your help in creating my dreams,

-Tyler

[Scott Mac]

Just a heads up.

So you calculated out you need  $6 million worth of apartments to hit your goal.

A commercial loan may require 20% to 30% down in cash, cash reserves, working capital, and closing costs.

You will also need earnest money cash.

The lender may also require certain repairs to be done Shortly after the loan is made.

The lender may also require the Property to be stabilized as far as occupancy percentage is concerned, leaving little on the bone as far as sweat equity.

Good Luck!