All Forum Posts by: Taneisha Phillips

@Taneisha Phillips How exciting that you’re looking into buying your first multifamily property!

For a small multifamily that you’re buying on your own, I think you’ll be able to find plenty of free resources here and elsewhere to help you get the deal done.

And, if you find the right team (realtor, property manager, CPA, etc.), they can help provide any information or answer any questions you may have. That’s how I got my first house hack done years ago, before BP was around, by leaning on the experience and wisdom of my realtor, who had house hacking experience.

I also agree with @Shafi Noss that paid mentorships are most valuable after you have some experience under your belt and want to get to the more advanced and nuanced stages.

Good luck!

@Annie Dickerson Thank you and I am in the process of reading and researching about the process. I am very excited for the future and thank you again for your advice!

Hi @Taneisha Phillips, I've seen mentoring from working under someone, investing with them, or paying for mentorship. As a property manager, you have a great resource in your workplace and career. You are already knowledgeable about the fundamentals of real estate in a way many new investors aren't, and there may be colleagues, who are skilled investors willing to talk with you about your moves or even partner with you and provide guidance in exchange for part of the deal.

If you plan on being an investor, many operators, especially the smaller ones, will talk you through the specifics of the deals you are investing in and answer other questions. You can make money from your investment while learning the ropes and examining real-life deals. 

In my opinion, paying for mentorships is only worthwhile after a few years of experience. Mentoring is expensive, and you can learn the fundamentals yourself through immersion. That being said, mentors can provide specialized knowledge that can't be found online or in books once you have already begun specializing yourself. 

From my experience, let people know you have $ and they will come out of the woodwork. Not sure that will do you any more good than it did me. 

Hindsight, if I wanted to do this full time, and not just as a portfolio diversifier, working at a REIT for experience or becoming a broker look like they would have been good ways to learn the ropes and become self sufficient.