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Updated 2 months ago on . Most recent reply
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Getting Started - Multi Fam VS. Single fam & Investing
Hello Bigger Pockets!
I have been listening to the podcasts for a while, this is my first post. I am a project manager currently working for a commercial General Contracting company and have a small contracting gig on the side I am working on ramping up, focusing on residential and commercial remodels & all demolition projects. I want to get into real estate investing on the side for the long term goal of hopefully retiring early and supplementing income. Fingers crossed.
I have been on the search for a small multi family (duplex, tri, or quadplex) in the South DFW (Burleson/Joshua to Mansfield area) This will be my FIRST home purchase to begin house hacking and building my portfolio. I haven't found the one yet, its a tough market from what i've been seeing the last few months.
Our lease on the rent house i'm staying in currently will be up 02/01/25 and I want to begin building my portfolio and not continue to rent. With this timeline approaching pretty quick, do any of y'all suggest sticking it out until I find the right multi-family or would you jump on a good single family I can turn around and rent out down the road.
I do not want to jump on the single because of the time frame and then the right multi fam come up, but I also do not want to miss my opportunity and be forced to continue renting even if its month to month
I'd also like to ask you all for any pointers, suggestions, tips & tricks you might offer someone just getting started and working to grow their portfolio. I hear all these stories of people retiring less than 5 years into it; that would be great but not a deal breaker if it doesn't happen that way. I want to be in this for the long haul but I still want to work as fast and efficiently as possible!! I am ALL EARS and ready to learn!
Any suggestions or pointers are GREATLY appreciated!!!
Thanks so much everyone for reading my post!
(PS I'm sure you experienced folks have your contractors in line already but it never hurts to add another trusted one to the phone book, I'd love to send over our business cards and talk about how we could be of assistance to your team)
Again thank you all for the help
- Brennan
Most Popular Reply
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I would not sign another 1yr lease. I would let my lease convert to month to month and take my time and find a MFR. Live n one unit and rent out the rest.
When I started out, I purchased a SFR then wished I had waited and purchase a MFR live in in one unit, rented out the rest. Then in about 1yr move out to a SFR and rent out the unit I occupied in the MFR.