To log my thoughts:
Multi-Family clearly seems the way to go.
5+ buildings sound like they need to be more self-sustaining, so that seems like the way to go. Though I still need to learn more benefits of 5+ over 4 and below. Clearly one is more $$$. But it also means a bigger down payment (or does it?) which means I'd need more money to begin with.
Neighborhoods I know are in San Diego and Oakland/Bay Area. Since these locations are both pricey, I'm assuming I'll have to look elsewhere for my first deal. I'm open to other states, though need to fully understand the challenges this brings. One, of course, is not knowing the neighborhood.
Timing-wise...I've got travel plans for about the next 12 months or so (I currently work remotely 😍). Therefore my first purchase probably won't happen until around this time 2018.
One thing I've yet to completely understand is how would I buy my second deal? If I put all (most) of my savings into my first deal...it could take years until I've saved enough for a second building. Do I get creative at that point? Or is it better to get creative on both the first deal and the second deal?
^ Two buildings frightens me a little since that means two mortgages and possibly being over $1 Million in debt. This is normal I assume? I guess I'll just have to accept these debts/mortgages as a good thing? What's the worst case here that could make people (the lenders?) come after me asking for their money?
At what point does it make sense to open an LLC or similar for this business?
I'll come back and log my answers here as I learn.
P.S. I'm writing this in Starbucks and they're already playing Christmas music. Its not even Thanksgiving...too early, no? 🦃🎄
