Hi I am interested in buying and renting units in multifamilies and apartments and possibly doing house flips here and there. I am in the information finding/learning as much as I can stage of things and looking up the best ways to get started in it. I was wondering if you have any advice on choosing property management companies to accomplish this goal, as well as hearing some of your stories of how you got started with multifamily and/or apartment rentals.
@Jenete Okeke - I can offer you some advice from experience. You should pick one thing to focus on and master it before trying to do something else. Rentals are very different from flips. You will make mistakes along the way...if I made all of the learning curve mistakes I've made so far on flips and rentals all at the same time while starting out I wouldn't have made it past the first couple deals.
It sounds like you're leaning towards rentals...maybe start out with something that is priced under market due to deferred maintenance and below market rents. This will give you an opportunity to put on your landlord hat as well as dealing with contractors and improvements. Once you get a taste for that it will be easier to decide if you want to do either on a larger scale in the future.
I started out rehabbing houses and am now 100% focused on rentals but I am comfortable doing large scale rehabs on a rental property as long as I'm the owner at the end (not doing the work for resale).
Hope this helps guide you in the right direction!
Multifamily is a very specialized niche in real estate. I'll suggest that you begin by learning as much as you can about real estate investment before you pick a niche. Read as much as you can and the niche will kind of choose you.
Please let us know how it goes.
@Michael Seeker and @Steven Butala
Thank you for the advice it is greatly appreciated. Rentals are where my main interest is and I will take your advice on focusing on one thing at a time. It was the concept of house hacking that got me interested in real estate and I do intend to look further into the different niches to find out what works best for me. I still have much to learn about the nitty gritty of the best ways to go about deals in each niche and strategy and having a grasp on the financing options that exist. So your advice is helpful in starting to focus my research of real estate since there is an immense amount of information out there to be learned. Thank you for taking the time to respond.