ANY ADVICE FOR A NUBIE?

[Isaiah Miller]

Hey BP family! Im a 24 year old Architect looking to get into large Multifamily Investing. Any advise for a nubie like myself? Where can I find deals? What books should I add to library? Any emerging markets I should begin researching? I’m here to hear your stories!

[Andrew Frowiss]

Hi @Isaiah Miller great questions! Look into the Killeen TX market. Purchase prices are cheaper out there, and you can get into small multi family with around $200K to $400K. Sometimes I see duplexes come on the market there for less that $100k but it's rare. For beginner investors it can be a great places to start. It's still a good cash flowing city with decent appreciation rates. You can also get into single family houses in the area for around $100K plus or minus.

Talk to a Lender about what loan products they have for Owner occupant multi family. I have some clients that are using FHA loans to owner occupy multi family properties so in this situation your down payment could be less than %25 which a lot of people are paying right now for conventional loans. The Lender would use the rent income you would be getting to help you qualify for the loan.