I've just begun my journey into multifamily investing. Well, kinda. I haven't purchased anything just yet but I have listened to numeroius podcasts and watched tons of videos over the last 6 months. Is there anyone out there willing to give me some advice.
Single mom, working two jobs already and putting herself thru engineering school. I'm ready to begin the journey to financial freedom.
@Kristina Ballou just sent a connection request. I loved the life and happy to share my successes and failures.
@Kristina Ballou *lived the life.
@Kristina Ballou I would start out house hacking..
@Kristina Ballou it sounds like you are very busy. Maybe you may be better suited as a passive investor at least until you finish school. You can passively invest in apartment syndications and then not have to worry about much. Even when purchasing a property and using a property manager, it never is totally passive. You still may have to give approval for large expenditures, follow-up with the property manager, etc. But as a limited partner in a syndication, all you have to do is maybe read the monthly or quarterly reports and still get a good return and take advantage of tax savings with depreciation. Just a thought. Depending on the age of your kids, house-hacking may not be a viable option. If you can pull it off, definitely do that. That way at least your housing expense should pretty much be taken care of to not have to worry about that so much. Happy to put you in contact with some people if interested in syndications. I may also have a great opportunity if interested. It is a syndication but for new development of a large condo complex. Much higher returns than other apartment syndications, but no cash flow while they are being built. But a large payout when completed.
Sounds like you have a idea and are committed to it...thats the first step! I would dedicate a full year (or two depending on your strategy) to saving and learning. By the end of a year or two you'll have plenty of $ saved and the knowledge to do well. Prepare for success.
Rental property investing and BRRRR books (you'll see them on this sight) will give you good insight. I personally think a BRRRR strategy would serve you best since you can recover a lot of your capital. I'm assuming money is tight with kids and school, even working 2 jobs.
Just buying a SFR or duplex, unless you get an insane deal isn't going to make you rich anytime soon and takes a lot of capital. Mutual funds and the stock market are pretty comparable imo
@Kristina Ballou Can you provide little bit more details, like where are you looking for properties, price range etc.? I started with house hacking and I think that's a good way to start out. Feel free to reach for any questions.