My Name is Matt, I'm 25 and as the title states: I'm interested in MF units and apartment complexes (in the Midwest). I've been doing my research through BP Blogs, Podcasts, and other business/real estate books. This forum is a great resource and I've learned a lot over the last couple of months!
My main newbie questions are: would it be better to start small with a 3-5 unit or jump right into an apartment complex with somewhere between 15-30 units? My business partner and I are leaning towards starting small and working our way up. Learning the "game" and getting our feet wet while also getting some cash flow. House hacking is also an option as we're both college grads living with parents to save some dough. We would love to get out on our own so maybe house hacking would be a good start.
Any advice would be greatly appreciated! Glad I stumbled across Bigger Pockets
I would say do not limit yourself. If you run and re run your numbers and you have the capital to do a bigger deal it may be a good option. If a 3-5 unit comes up and the numbers work for you and your partners goals then go for it. Same with a 15-30 unit. Follow the amazing deal and do not limit your options for success.
Thanks for the reply Chris! I think that we will probably end up starting with 3-5 units just to get started. Unless, like you mentioned- there's a good deal on a bigger deal.
Is there anyway to get started in real estate/property management w/o experience? I've been looking at jobs in the field just to get my foot in door. Most jobs want "x" amount experience as a requirement. Would I be better off just continuing to research instead of trying to get REAL experience?
Most jobs put a ridiculous amount of qualifications on the ad to weed out the losers. It's up to you to sell the employer that you are the right fit and can learn the job. Worst case is they point you in the direction of a more entree level position.
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