This is my first post on here, so thank you in advance for the feedback and insight. I recently graduated from a Big10 school and am working full-time at JLL as an analyst. Now that I have my schedule and finances under control, I am ready to get started into real estate investing, something I have been looking to get into for some time now.
Because I do not have the personal equity to get started on my own project, I am looking for other ways to get involved to learn about optimal financing, property management, and other information that one can only learn with hands-on experience.
Specifically, I am hoping to purchase a 4 unit multifamily property in which I can live, as I understand the down payment and rates for that can be friendlier. With that being said, I am unsure of the best steps to take to reach that first purchase. I would love to get some feedback from BP on the best first step, and perhaps something I should be aiming for each month, and a goal I should I set for myself to hit a year from now.
Thanks again for your time in reading this and I am looking forward to hearing everyone's input.
@Connor Martin Welcome to BP family! You'll find a ton of resources here.
Good idea about narrowing down your strategy and planning to house-hack your residential MFH. In terms of getting the money for the down-payment, you can save up from your salary while you're learning and looking for your property, or borrow from family or private lenders, or get into whole-selling which can help you generate some cash income.
Steps for your to take:
1) Identify how much money you'd need for a downpayment
2) Start saving or borrow funds
3) Build your team: realtor, contractor, RE attorney, lender
4) Look for your property
5) Take action and buy it
Hope this helps!
I appreciate that. However, I am more concerned about trying to figure out how to figure out how much money I'd need for a down payment, and then how to go about actually implementing that. What kind of financing would be best? Who should I reach out to?
Your steps are definitely helpful, but I am looking for input on the baby steps to reach each of those larger conceptual steps.