Newbie just getting started

1 Reply

Hello,

I've been researching real estate for what feels like forever. I pretty sure I have analysis paralysis

But I've found a property I would like to invest in but

I feel I may be punching above my weight

Is a apartment building with 25 units

I've run the numbers mulitple times as I was sure I missed something cause it comes out to be a great deal.

There are a few hurdles

1. It would be my first deal

-but we all have to start some where

2. It's out of state

- I don't want to invest locally. where I live (NY) property values are sky high

3. I (relativity speaking ) don't have much capital

- my income is high but I don't have a lot of liquid cash saved up

4. My business doesn't have any established credit

- my credit is pretty good (720+ )

I'm just asking is this even feasible? Or should I aim at something smaller.

I would like to have a portfolio of multi- family properties in the mid west that are managed by a local property manager with minimal involvement from me.

Any help/guidance would be greatly appreciated

Respectfully and humbly

Larry aka the new guy

@Account Closed personally, I would start a bit smaller.  But that doesn’t mean it’s not the right move for you.  Hopefully someone with a little more experience can chime in.  I eventually would like to have some big apartment buildings as well.  How did you find the deal?  Are you able to verify the facts presented about the deal?  Do you have boots on the ground in that state?  If you are dead set on starting with a property that big, bring on a few experienced partners with capital to help through the process.  It’s definitely feasible.  It would just be difficult.