Hubert,
Starting out in MF is not impossible, but like starting any business you have to be knowledgable, resilient (stubborn), or very lucky. And all three don't hurt! I started investing in MF right out of the gate too. Like you, I'd saved a good down payment, had a solid 9-to-5, a couple of kids eyeing college, good credit, and absolutely zero experience. My best advice is to read everything...a month is not enough. Prepare for at least six to twelve months...read it all! Absorb everything. At the same time, be totally honest with yourself. It's a business, and a lot of hard work no matter how many sexy "passive income" stories you hear. Run purchase scenarios on every property you can research...do hundreds or even thousands of them. It will help you gain experience without risking your nest egg just yet. Keep your day job (sorry). It helps when applying for loans. Use smaller, regional banks, but don't overlook owner financing. Next network with anyone willing to talk to you...realtors, property managers, other investors, bankers, other owners, etc.. Look for owner financing, if you can't get banks to loan to you. Networking is great for this! There are always options, if you are truely willing to do the hard work to get there. Don't take "no" for an answer, but also know when to walk away if the numbers don't really work. Lastly, you will eventually just have to take the plunge...but give it six to twelve months to prepare better. My first property was a sixteen unit, a two eight unit (buildings) complex. I spent over a year preparing myself for that first purchase. That same year, I bought a small commercial rental (a mistake, but I'll leave that discussion for another day). Two years later, I bought a duplex. Less than another year later, another eight-plex. Since, I've bought two additional separate eight-plex properties, and I just signed a contract two weeks ago on a complex of twelve town homes, if counting, over fifty units in just under seven years. I tell you this not to just hear myself talk, as there are many bigger, better, smarter investors here on BP to get advice from. I tell you this to assure you that it can be done, but it is hard work. You must learn very quickly. You have to resist the naysayers in your life (they will eventually come around), and it definitely helps to have some luck on your side too! Best of luck Hubert. I hope you find much success.
You can do it starting in MF, if you want it bad enough.
