Updated over 6 years ago on . Most recent reply
Motivated Novice Interested in Multifamily Rental Properties
Hi BP Nation!
During the past several months, I have become highly interested in REI and have gained a wealth of knowledge by browsing this site, reading through forums, listening to podcasts, etc., and figured it is finally time that I jump in. I have developed a focus/interest around purchasing small multifamily units as buy and hold investments in the Charlotte MSA and general surrounding areas within North Carolina (given that is where I currently reside).
I am at the point where I would like to soon begin actively pursuing my first deal. I am very motivated and excited about the prospect of building wealth through REI; however, my lack of experience (being none) has definitely led to moments of hesitation as I would like to avoid any major mistakes on my first transaction.
JT (Jonathan Tambellini)
Most Popular Reply
Hi @Jonathan Tambellini! I love the strategy of small multifamily properties. 1 roof, 1 foundation, multiple tenants :)
In the Charlotte market, this strategy is VERY challenging, just because the inventory is much more limited than single family/townhouse/condos. I've also found that most of the multifamily properties are in need of a lot of repairs and/or modernizing to maximize rents. I'm not sure if that's something you would be willing/able to take on?
A good real estate agent should be able to steer you away from major issues as long as you are open with them about your situation and goals. Have you reached out to any in the area yet?