Newbie to Multi-family Investing

[Gerald Moore]

Interested in getting started investing in 2-4 unit Multifamily properties in Rochester, NY. 

As a newbie please provide suggestions to find good turn-key properties?  

Please provide some financing strategies?

Growth strategies?

Thanks

[Brandon Vukelich]

I would say it depends if you intend to owner-occ the property using FHA, VA, etc. or non-owner occ and go conventional, hard money, all cash. Also need to consider if you intend to hire a PM or self-manage. Going alone or bringing in partners?

Yes, most turn-key will be found in the MLS. Sometimes FSBOs on Zillow or Craigslist or within other investor groups (live or online).

The #1 issue I see with new investors is analysis-paralysis.  Too many afraid to pull the trigger on an offer, let alone close a deal.  Many are looking for unicorns on their first one.  Your first one may not be a home run but you'll gain massive experience and knowledge.  Of course, it depends on your goals but if you're just getting started and you're probably "younger" so I would focus on better appreciating properties over higher cash flowing ones. I don't know Rochester, NY but in my opinion, stick to properties in growing areas (jobs, rents, appreciation, population) that may offer lower returns at first but should appreciate well and see cash flow improve over time. This can allow you to build more equity and scale up.  

Either way, thankfully we all don't want the exact same thing.  It's already very competitive out there as it is.  Best wishes on your investing journey!