Im just starting to learn some important things about the real estate industry . Ive joined my local Rei club and the next meeting is in a few weeks . I need some feedback on if I should start with wholesale or multifamily ? I have a full time job so the funds are pretty easy to come by. I plan on networking, starting with the rei club to build a strong team before I make any serious moves but I really would appreciate some feedback from my fellow members also . Thanks .
why not both? Wholesale bring you immediate cash to buy and hold the multi fams which brings you wealth. Thats the strategy im implementing. They shouldn't be mutually exclusive.
North Carolina : maybe look into student housing
Listen to podcasts
I would suggest SFR and Multi-family
to start building @Chantelle Hester long-term cashflow wealth
Regardless, welcome to biggerpockets
Wholesaling can be good for getting into the business, but from what I've seen, with some exceptions, it's best as a supplementary strategy. Namely, keep or flip the best one's and wholesale the one's you can't afford to do anything with.
It depends on how much you want to work! Wholesaling and flipping are work. They are another job. Multi (or single) family are a long term strategy, that when handled correctly should not take too much of your time.
If you like your current job, then buy and hold! If you are looking for a new job, then try wholesaling (or flipping).
@Chantelle Hester - I second what @Elizabeth Bassett said about time commitment with wholesaling. One thing I'd add to that is if you do a large multifamily community it IS management intensive even if you have a property mgmt company. Specifically, if you end up getting a 50+ unit then I'd plan on spending at least 5 hours a week on it. The more units the more time that you'll spend.
short-term goal, wholesaling. Long-term goal, MF rentals. As you build your team and network with the main goal being MF deals, you can do everything with eyes open for potential wholesale deals.
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