I'm young and looking for as much information I can get! I'm and accountant and i'm 19, my biggest problem is that I don't know what I don't know yet. I am looking for buy a small residential multi family home and rent out every unit available to tenants and one to my closest friend and business partner. What are some things that I need to be learning about so that, or what are some lessons that you have learned that you wish you did more research about???
Hi Ian! Do you plan to live in one of the units as well? I didn't know anything before I bought my first place-a small duplex-and one of the best things I did was find a good mortgage lender. I interviewed many and being new and nervous, found a really good fit. He's well experienced, working over 30 years in my area, even-keeled, and a 'numbers guy'. For my math oriented brain this approach worked the best (and may for you as well, being an accountant). He was able to tell me exactly where I stood for various different purchase scenarios, what I needed to do to in order to purchase another property, and never tried to 'sell' me a mortgage.
I'd also start reading up on any literature you can find on first time land-lording. It wasn't something that came naturally to me and I wish I would have prepared myself a little better for my first tenant, but I pretty much jumped in blind. That way, by the time your deal closes, you'll already have a good basis to start with.
@Ian Lawson - I just wanted to reach out and welcome you to the BP Community. You are going to find some helpful information on this site. I'd encourage you to listen to the BP Podcasts. It is a great way to learn from fellow investors.
Good luck on your investing journey, Ian.
I will be living in one of the units for at least one year. I have heard that it is an amazing thing to do when you are trying to get financing. I didn't think about first time land-lording content either!
@Ian Lawson Welcome to BP! You're definitely in the right place to learn what you don't know. As previously suggested, definitely check out the BP podcasts. They're a great place to start. Also, see if there are any local REI club and start networking with experienced investors.
@Ian Lawson Wanted to follow up and see where you find yourself today maybe you can pass along some tips Ian! I’m a 20year old investor from Michigan myself. At very least let’s connect!
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