Starting in Multifamily Property Investing

[Katherine D. Marin]

Hello all! 

I am new to BiggerPockets and real estate. I have recently attended a multifamily mindset weekend seminar on the basics of investing in multifamily properties. The focus on investing was following the syndication model, in which the audience learned how to be a part of the GP team and we were taught on how to look for the appropriate LPs. I am quitting nursing school while in my final semester because I truly believe that real estate (specifically multifamily) is my path. I enjoyed learning about the underwriting while undergoing the due diligence process of securing a deal. 

I would love to hear advice from the biggerpockets family on how I should start my journey. I wanted to join the mentorship program that was being offered at the seminar but $40K is not something I could cough up easily. I work as a W2 employee making $17/hr. I have the motivation and dedication to pursue real estate. My first step is to listen to the amazing podcasts that are offered right here and I just finished listening to a podcast with Sarah Weaver and would love to be in her shoes in the near future. 

What should my next step be? Some advise me to get my real estate license and others don't. I was also advised to get my mortgage processing license to be able to get my feet wet in the real estate world but it's not in the multifamily realm that I wish to be in. Please help! I would appreciate your responses! Thank you all. 

[Greg Scott]

Honestly, I think it would be foolish to quit nursing school so close to the finish line.  (I know that is not what you wanted to hear.)

Developing an investor base and finding a good deal to syndicate can take a very long time.  You need to be able to put food on the table in the mean time.  You can probably make more money as a nurse than you can as a mortgage processor or selling single family homes (unless that is a true passion).

Most people get into syndication while they have a W2, myself included.  Even if it is not your passion, a nursing degree is a nice fall-back position with which you can make a nice living while moving toward real estate investing.