I am a military member looking to get started in real estate and I was hoping to get some insight on multifamily properties. I am interested in learning more about this area of real estate in any capacity, and willing to work for others just to gain experience. What would be my best step 1 in starting my journey?
@Phillip Webb coming here was a great first step. There are many active and former military involved in the space, so you may want to start reaching out to them first. Of course, the first step will be to get educated, so start with a few books. Multi-Family Millions, Best Ever Apartment Syndication Book, and The ABC's of Real Estate Investing come to mind.
There are plenty of podcasts out there: Old Capital Real Estate Investing Podcast, Apartment Building Investing with Michael Blank, Whitney Sewell, The Real Estate Syndication Show...
You also want to figure out if you will Joint-Venture, Syndicate, passively invests, or go it alone on smaller stuff.
Thank you so much for the feedback. I really appreciate it. Reaching out to the military community is a great idea. While gaining more knowledge, I will be sure to stay active on this site and others to share what I find with like minded people. Thanks again.
Hey @Phillip Webb ~ I'm not sure what groups you are already in, but if you are looking for opportunities to connect with other military members that are in this space, in addition to the many here on BP, check out @David Pere 's From Military to Millionaire. He and @Stuart Grazier also lead the War Room Mastermind for active duty and veterans. There are many of our brothers and sisters in these groups that have experience in multi-family and many that have impacted my own journey.
Originally posted by @Douglas Spence :
I'll echo @Marcus Long 's recommendation to join the War Room mastermind and From Military to Millionaire Facebook group. (shoutout to @Stuart Grazier and @dave pere. I joined April 2020 and I have met tons of great people and it has helped my real estate journey tremendously!
Thank you both so much. This is awesome. Being in the military, having a family, and trying to expand your sphere of wealth in influence is a unique experience. Thank you both helping me start on the right path.
Hey Philip, I'm in the military and in MF...been in the MF space for about 3-4yrs now.
Lots of challenges, but I'm loving it!
I would love to chat if your interested.
Step 1 is always to get your personal finance in order. If you can't budget, maintain and project your own finances you won't budget, maintain or project a buildings.
@Jesse Daconta might be able to help, too. Lovely guy. He is involved in setting up his own syndications, have had a few great conversations on the phone with him, also ex military.
If you're interested in investing in one, or in areas like Phoenix, Dallas, Houston, amongst a few others fast-growing markets, vs starting your own syndication, happy to chat with you, as well. I'm an SEC registered rep, specializing in private placements in multifamily syndications, working with well-established syndicators in some of the best markets in the US.
@Phillip Webb thank you for your service, but definitely listening to podcasts and reading books about real estate are a great start. Have you ever thought about syndication? It is a great way to get started in real estate without having to do a ton of heavy lifting and be involved in a project especially in the larger multifamily projects.
I have about 15K saved up and would like to maximize my learning potential and profits as much as possible. I know a few things about syndication, but would definitely like to get a better understanding of it. If I can't make a move in the 5-15 unit multifamily space in the beginning, I was also looking at duplexes in TN. I hoping to get maybe a seller finance deal or a SFR to BRRRR into a multifamily.
Hey @Phillip Webb
I survived in the ARMY and every duty station I was at I would at least pick up one property adding value buy doing a house hack and light renovations!
There's so many benefits about owning properties buy military post tenets are easy to get and income is almost guaranteed because of the BAH. Also make sure to use VA programs like VA loan and averting for tenets on post￼. Let me now if you have any questions!
I'll message you! But happy to connect, I'm a former marine who saw MF as a way to build generational wealth. I do syndicate so there's TONS of options as to your role and how you can get involved. Check your messages!
@Phillip Webb Read books, listen to podcasts, and network like crazy.
@Marcus Long Great recommendations!
@Thomas Corley Nice! Great strategy. I wish I would have started by house hacking.
being ex- IDF i would love to assist you on your journey.
the first and foremost is getting educated. as previously said- podcasts are great, books are great as well.
once you start reading through and listening, you'll start to understand that this is a team effort business.
now that you're educating yourself- start networking with people to build your power team.
start figuring out what city you want to invest in and memorize the map so you know which areas are hot and which are not.
now that you know what areas you want to invest in, figure out the asset class. find brokers to help you locate the right properties. start underwriting( or have someone on your team do the underwriting)..
its a simple process but it has a lot of moving parts.
I look forward to hearing from you