Just getting started with multi-family properties in the Seattle

[Kyle Maluy]

Hello everyone, been listening to the podcast for a while now and finally am getting around to creating an account! I am looking to get into the multi-family rental game but am still pretty green about the whole thing. I’m just looking to make some connections in the Seattle or surrounding area. Looking for any advice on getting started with low money down. Thanks!!

[Alina Trigub]

@Kyle Maluy Congrats on joining BP community and deciding to start with MFH investing! In terms of investing with low money down, you have to start networking to find other investors that would be willing to put money in with you to cover the down-payment and closing costs. So go to local REI events and start a conversation. Also, if you plan to house-hack your property you may be potentially qualified to get FHA financing which is much lower than a typical down-payment of 20%. So educate yourself, network, and take action!

Best of luck!

[John Barrett]

@Kyle Maluy

Multifamily properties are a great way to get into owning rentals.  Just be aware that many people are using the same strategy and as a result the prices of small multifamily properties have dramatically increased over the last few years.  There are still areas where you can find deals but it really depends on what you are trying to accomplish (house hack, seller financing, etc). 

There are a lot of meetups for local investors so I would strongly encourage you to start attending whichever is most convenient for you.  The meetups allow you to talk to people about what they are doing and ask questions.  There is no one single way to invest in real estate and networking with many different investors may give you additional ideas for achieving your goals.