New to Multi Family investing

[Lance Carver]

Hello, I am just beginning in the investment side of real estate and have been educating myself about every aspect of it that I can get my hands on and feel I am now ready to take the plunge into multi family investment.

[Ben M.]

First and for most, wishing u best of luck as this is one major endeavor.
1- U asked ab what house hacking was; well, that's when u make more use out of a house than just a roof over ur head. Some ppl will do something as simple as renting rooms so the house pays for itself; other ppl, would invest more time, patient and money and turn a SFR (Single Family Residence) into a duplex, triplex or more.
2- Management companies are good when u got have their fees built into ur CapEx (Capital Expenditure); so make sure u got all ur ducks in line before u get tied into contractual agreement.
3- If ur looking to get a loan; regardless of the APR; MAKE SURE u take into consideration every possible possibility. The reason this is very important is that taking out a big loan on an investment property is not recommended bc u might get stuck having to pay the mortgage and if the mortgage is too high u might default and thus result in a foreclosure and ruining ur credit.
Most ppl I personally knew, they started very small and built their empire one stone at a time. Before anything at all, I recommend u to lookup ur local REIA (just google it in ur town), go to some meetings and talk to some locals and THEN put in a detailed action plan.
BP is an awesome resource, checkout the rental forums, house hacking, etc...and keep in mind that no matter how much u learn, it still not enough to shield u from unexpected twists and turns of events. Why I recommend BP is bc BP is free and will allow u to network with other like-minded ppl. If u got questions or need any more assistance feel free to in-box me bud...