Old Orchard Beach, ME · Member since 2016 · 14 posts · 1 vote
HI i am very new to the real-estate game(few weeks). I have been reading around these fourms and listening to some of the podscasts. I am seeking advise on how to take my first step. Currently i am looking at getting into multi family buy and hold and flipping in the future. I am 22 years old almost 23 and have over 2000 a month left after all my expenses every month and i still live at home. my area is popular with some c- to c+ deals but not sure if it is worth it to start one if i have the free cash flow to go for a higher end market. my mind is flowing with a ton of ideas and any help or advise anyone has would be welcomed.
Have you reached out to any other investors in your area, on bigger pockets. You can search for them within bigger pockets can send out some friend requests. I would also suggest seeing if there are any local real estate investment clubs in your area. That is a great way to jump start your business.
Have you reached out to any other investors in your area, on bigger pockets. You can search for them within bigger pockets can send out some friend requests. I would also suggest seeing if there are any local real estate investment clubs in your area. That is a great way to jump start your business.
Investor · Saint Paul, MN · Member since 2015 · 663 posts · 512 votes
10y
What's cool is by the time your 27 you'd have 48k to use as a DP and closing costs on a 200k multi plex which if you bargain a good deal you'd have around $700 a month cash flow depending on the rental market.
Another thought is to talk to a small local lender and see what kind of money you can borrow. Based on your monthly expenses to your income you will get a good understanding and it will help you focus on homes within your known budget.
Try to buy your first rental as a multi-family owner occupant... Lower interest rates, down payments, etc.... Keep saving and living well below your means and before long you will have a ton of investment property. I spent several summers in Kennebunkport and if I remember correctly, aren't there several areas with multi-family options around OOB/Biddeford area???
Old Orchard Beach, ME · Member since 2016 · 14 posts · 1 vote
10y
@jeff w. I was thinking about doing a owner occupant but was thinking that I could make more and start with better cash flow using the whole building for income. I don't need to move out yet would like to in the future but keeping my future goals in mind I want the best layout i can make for myself. And yes there is many deals in the Biddeford area and am looking there writhing a 25 mile radius right now. I hear people say they found a deal on a multi family for under 80k and I can't find. Itching retail for under 110000 that looks decent. Still have to look in more areas(foreclosure and agents) just need to find the deal.
@robert labrie I am not a pro member yet very soon tho so I can't look in my area outside of 5 miles of my location. Doing some reasearch I saw there was a REI club in my area but haven't had a meeting in 4 months still sent a email to the contact and a forum post BP. I was thinking about going to a bank or lender and seeing what kind of loan I can get how much and at what rate so I can focus on a price range and know more info so I can get a betterunderstanding on the cash flow and return on investment. But didn't know if that was a good idea because I'm not sure when I was going to buy yet and have no property to show them.