As a recent graduate with no prior REI experience, I am curious whether I should be putting more of an effort into finding a more experienced partner or simply doing the research and going at it alone. I have saved up enough capital for my first deal and I am working a full-time job. Based on my initial research, I have decided to look into multifamily properties which I will hold in the long-term and rent out (otherwise leverage the property for the next deal). I am hesitant to pursue any property other than turn-key or cosmetic fix-ups due to my availability and lack of experience.
I would appreciate any and all feedback, thanks.
- Not looking to owner-occupy with my budget
- Based out of IL, looking for deals in the suburbs (as a result of my budget)
- Have also considered nearby markets in Iowa and Wisconsin
- Would prefer a property within 1-2 hours driving distance
- Looking for deals between 50-175k
If you are trying to grow a business for the long term, finding a partner/ mentor would be a good idea. The challenge with that is how do you know what a good partner looks like. I've been doing this for 15 years and have had many partners over the years. Some were short term and some were long term. I can tell you this for a fact....... finding a long term partner is like looking for a spouse. If you choose poorly, you will end up divorced and broke.
If you just want to build slowly, there's nothing wrong with going alone. I would suggest that you try to stay as close to home as possible on your first couple of deals until you work the short term challenges out.
I am gonna go with do it yourself!
All the info and help you need is right here, without taking half your profits!
Just be conservative with your estimates and keep asking folks here what your unsure of.
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