What was your first multi-family experince?

Question

I started my real estate investing journey this past March by starting to save some capital for a down payment on a multifamily home. I want to know from you all how your first multi-family experience was, what you learned, and what advice would you have for a beginner like myself? I'm open to all advice!

Michael Plante · Answer

Duplex with cash advance on credit cards at 21 (37!years ago)  Great cash flow.

Didn’t do back ground check.  Tenants stopped paying.     Went to court got them evicted.  My ‘friend’ and partner sold the house unbeknownst to me.  Stupidly held property is se ability meaning either of us could sell.  He Kept the money lol

Lesson learned go it alone. Has worked well for me the last 37 years

Peter M. · Answer

@Marcos Walters Bought a 4 plex short sale in bad shape. "House hacked" before that was a term. Started with a commercial lender because it was in such bad condition it couldnt go conventional plus the way lending was after the crash. I did a lot of the work renovating the units myself and working along contractors learning things like drywall. Went through 2 major insurance losses from storms, learned how to evict 1 inherited tenant and 1 I put in myself. A lot of hard, expensive lessons learned like bad contractors, tenant relationships but I still have it now fully rented with a line of credit on the equity to help me do other deals. Hasn't always been easy but I think its been worth it.