Getting Started in Multi-Family Investing
Hi Everyone,
I'd like to get a discussion going about how to get started in multi-family investing. I'm 25 years old, engineer, and I have a good job. I make good money but the company I work for does not offer retirement and I can't stand the thought of someone else handling my money and my future. I don't like the stock market, just don't have the time to follow it day in and day out, but I do invest small amounts in it. I'm a hands on type person. I work with financial data for my job so I understand money. Things like return on investment, IRR, NPV, capital expense are part of my every day vocabulary. I evaluate real estate for fun on the weekends. I lead a very exciting life. I feel I'm ready to buy my first property, besides the nervousness I have about starting my own business, that's where I need help. Should I start an corporation (LLC)? Can I even get a title of a property into an LLC today? How do I protect myself if the property fails? How do I protect different properties from faults with another? Should every property be a separate LLC? If I'm short on capital, where do I find investors? How do I attract investors if need be? Should I start really small (2-5 units) or go for a larger property? I want to make a livable income off this someday so I want to start big. I'm not scared of evaluating $1,000,000 + properties but I obviously don't have that kind of cash to get something like that bought. I've haven't talked to any lenders yet or picked out a property to make an offer on, although I have several prospects. Any advise helps and I look forward to reading your responses.
Thanks, John