Hi Everyone! First of all, thank you Bigger Pockets for such a wonderful website to connect and learn from professionals in such an efficient manner!
I am currently 24 years old, working full time in investment banking at a top Investment Banking firm, looking to make my way into real estate. Prior to investment banking, I was a licensed MLO for 2 years, so im familar with the mtg process. I’ve been listening to podcasts for a few months, reading books (Rich Dad/Poor Dad, ABC’s of Real Estate, 4 Hour Work Week, etc), and have done moderate research in the industry.
My girlfriend (hopefully fiance soon) and and I are expecting our first (boy, thank god) in a few weeks, and I wanted to get started sooner rather than later and commit to my first investment. My goal is to gain enough financial freedom to supplement what I currently make so I could leave my desk job and work on my own hours so I can be home with my family.
I currently have an opportunity to invest with an investor who is to my understanding very successful in multifamily, but it seems to come at a hedty cost $10-15k. Is this a typical cost to get started? Are there alternative?
I am also in a bind where I wanted to use a first time homebuyer deal to get my first house without having to use much on the down payment, then try to get another with FHA afterwards to acquire two properties. The issue is that I just moved into an apartment so if I apply for a mtg, I don’t want to commit mtg fraud, but I also wouldn’t have enough potentially for a 20% down payment for a rental property loan. Any thoughts?
Hard money loan would be the third option, but the interest may not be worth it, am I correct?
Do I wait to try to learn more aboIt multifamily deals and simply save for that, as it is less risky due to vacancy risk compared to SF?
Appreciate any feedback! Thank you in advance!
