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Updated over 4 years ago on . Most recent reply

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10
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Mason B.
  • Chicago
4
Votes |
10
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Best way to maximize my privileged situation... overwhelmed

Mason B.
  • Chicago
Posted

Long story short, will have about 100k. I have ZERO experience but want to get started ASAP. I have a burning desire to own multi-family properties but don't know where to start. I've listened to a lot of podcasts, i understand most the concepts, i look around the MLS and loop net for fun... and i have a lot of free time, so i dont need to hire property managers at first. I would do this full time if i knew how.

Not sure if i should learn how to flip... is that too risky for a noob? should i simply put 20%-50% down on a Multi fam building... FHA with 10% down on a mil building... ? is that possible to be cash flow positive on? Should i do a light rehab... should i BRRRR? should i house hack and try to live for free... Very overwhelmed and in such a privileged situation and really don't want to blow it. I want to make this a REAL life changing situation...

What would you do if you were me... (28, male, self-employed, introvert) 

Most Popular Reply

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2,885
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3,370
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Mary M.
  • Rental Property Investor
  • Portland OR
3,370
Votes |
2,885
Posts
Mary M.
  • Rental Property Investor
  • Portland OR
Replied

First, dont post on the internet how much money you have.  Second beware anyone offering "help" now that you have posted you have x amount of cash. 

I would ask mods to edit your post actually 
then i would spend some time reading some basic RE investment books.  
ETA - any kind of reno work for a complete newbie is going to be risky   Best to buy a mf property and learn a bit before diving in. And 20% is standard DP unless you owner occupy 

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