About to inherit a chunk of money, want to start in multifamily

[Christian Orozco]

Hi all, thank you first of all for sharing your knowledge; I truly appreciate it.

This Q4 or early next year, I will inherit a good amount of money and plan to invest $800k in multifamily properties. I'm consuming as much information as I can about this market to make the best decision. I'm brand new to this. My question is, if you guys were in the same situation, would you start by buying one property or several? I live in Colorado, so my market wouldn't be ideal for an entry point; it would mostly be out of state. What would be the ideal or sweet spot to start?

[Jaycee Greene]

Quote from @Christian Orozco:

Hi all, thank you first of all for sharing your knowledge; I truly appreciate it.

This Q4 or early next year, I will inherit a good amount of money and plan to invest $800k in multifamily properties. I'm consuming as much information as I can about this market to make the best decision. I'm brand new to this. My question is, if you guys were in the same situation, would you start by buying one property or several? I live in Colorado, so my market wouldn't be ideal for an entry point; it would mostly be out of state. What would be the ideal or sweet spot to start?

Hey @Christian Orozco, welcome to the BP Forum! I'd definitely recommend starting with ONE, go through the process, see if you like it and if you make money, and then decide if you want to buy more. 

As for location, I'd recommend focusing on a city/market where you either 1) currently or have previously lived, 2) have family/friends that live there, or 3) travel to for work or vacation frequently.