Starting big or small has been asked/answered, but this is a bit different.
My objective is to get into 50+ unit purchases with B-C properties within the next 3 years.
That said, my background/experience is in SFHs.
I need 4 things: 1) to get started 2) build credibility with lenders 3) gain know-how 4) scout a "team" that can handle commericial
For now, should I partner on a deal that fits my target specs? I could provide capital and learn from the sidelines as the team goes to work.
Or should I go it alone with something in the 4-12 range?
Just start. Starting big is going to take time. I would just buy a SF or a duplex or a Quad and make it work. Run your deals BP Buy something where the numbers work. and Then build from there. Go to real estate clubs and Real Estate Meet up Groups. Get active on BP
I would start small but look to build a team to tackle bigger opportunities. For the individual investor in this area - individual units is going to be the easiest starting point. Small commercial properties might be the next step. There just don't seem to be the many small multi-unit properties in Northern Virginia.
Just start. Get educated on multifamily, learn how to analyze a building's financials, network like crazy, identify a submarket you want to focus on, learn everything you can about that market, identify/build a team in that market. Get cracking and start making offers.
Being a lone ranger in multifamily is a recipe for disaster. You can get to 50+ units in your first deal if you connect with the right people and do the right due diligence. No need to start small unless you think small. You're only limited by your own imagination. No guts, no glory.
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