New Investor around Pasco, WA
Good afternoon
New investor interested in multifamily. No experience, no deals but wanting to get started.
Thank you. Aaron
Most Popular Reply
Hello Aaron,
Welcome to the BP world. Some things to consider when looking into multifamily is to purchase as owner occupied also called House Hacking. This allows you to purchase with 3.5% -5% down allowing you keep most of your money reserves. This strategy is also the best way to get into real estate investing with low risk. You will have a place to live and have other people pay down your mortgage. You may even end up living for free or at the very least pay very little of your mortgage compared to if you went out and rented an apartment. First thing is to get pre approved with a lender to see how much you can qualify. Now the great thing is that you can also use the other units rents to help qualify if your coming short on income to qualify. Theres also many local real estate meetups depending on how far your willing to drive where you can meet other like minded people and network to learn from them as well.