Rental Property Investor · St. Louis, MO · Member since 2019 · 162 posts · 72 votes
Hello, I would love to hear from you guys about your personal experience selecting a niche? How did you go about it? Was it pretty deliberate and strategic or more of a reaction to the opportunity in front of you? Any learnings and guidance you could share would be appreciated. Thanks!
Investor · Memphis, TN · Member since 2013 · 741 posts · 845 votes
7y
Hey @Matt F.! I think for me it was all about my goals and the resources I had when starting out. I had very little cash and bad credit. My options were limited. I found out that you could actually wholesale with no cash and bad credit, so thats where I started.
I think as you grow and learn you evolve! Once I started making big checks, I paid off debts and worked on my credit. I then transitioned over to buy and hold SFR rentals because I wanted to build passive cash flow!
Now after acquiring several SFRs I want to scale and think multifamily is the way to go! I am currently working on syndicating my first multifamily deal!
I think you have to start somewhere and don't feel locked in! What are your goals? Do you want passive income? Do you want cash? What resources do you currently have? Do you have cash? Do you have time? Do you have access to cash through a network of relationships? Answering these questions will help you determine what strategy is best for you to start with. Keep in mind it is always subject to change! Key word there is subject to change not quit!
Multifamily investor · Boston, MA · Member since 2017 · 281 posts · 521 votes
7y
Raising money form investors is one way. You can also partner with a group that has money and team up with them. it takes time and dedication, but this is the way to go.