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Updated over 5 years ago on . Most recent reply

User Stats

34
Posts
14
Votes
Aaron Kovac
  • Lender
  • Austin TX (austin, tx)
14
Votes |
34
Posts

New to this... Send help!

Aaron Kovac
  • Lender
  • Austin TX (austin, tx)
Posted

Hi All,

This is my first post! I just started listening to Bigger Pockets 2 weeks ago and looking for guidance wherever possible. Here’s my story/background...

I am 29, a mortgage loan originator in Austin for a big bank. 2+ years in lending here in Austin, 7 years in banking between Chicago and Austin. I just bought my first home in July 2019. My fiancé bought hers in May 2019. Our goal is to rent hers out when we get married in the next year.

That being said, it has become abundantly clear that while I have an aptitude for being successful in lending, I do not love it and more importantly- I do not want to be in corporate America any longer than I have to be.

With my experience as a lender, I am familiar with lending as it relates to primary, secondary, and investment properties across single family and condos, but my experience beyond those home classifications is non-existent simply because I do not directly provide any other solutions than what fit in the big bank box.

So I come to this forum in search of guidance, advice, and input on what are some good things to start getting my feet with in order to start the journey to building my portfolio and getting into the multi family space.

Do you start with saving until you have $100k in the bank? Find a private investor (how does that even work)? Find a broker? So many questions and I have no idea if I’m overthinking or not. Working for a conservative lender, I feel like my whole Lending career, I’ve had these blinders up on how to traditionally acquire real estate.

Looking to open my eyes as much as possible. Any and all advice is appreciated. I’m a sponge! Thanks y’all!

Most Popular Reply

User Stats

304
Posts
222
Votes
Ashley Pimsner
  • Rental Property Investor
  • Saint Charles, IL
222
Votes |
304
Posts
Ashley Pimsner
  • Rental Property Investor
  • Saint Charles, IL
Replied

@Aaron Kovac welcome to BP.

if you want to break into multi-family here are a few good resources to get started in no particular order.

1-BP podcasts listen to them all 350+

2- Read Multifamily Millions by Dave Lindahl 

3- Dive into content/ podcasts provided by Joe Fairless and Michael Blank.

4-Listen to Brandon Turner's webinars on BP about how to underwrite rental properties-learn the numbers as this should be fairly easy as you are an LO.

5- Find prospective multifamily properties online thru MLS, Zillow, Redfin etc. and use BP calculators to practice underwriting deals.

6-Find an experienced mentor in your area that specializes in multi-family and find how you can add value to his business.

Best wishes as I feel multi-family best way to build wealth.

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