Chicago, IL · Member since 2021 · 3 posts · 0 votes
I'm new to the real estate world and have been introduced on how to sell contracts to make a penny without having to actually own the houses or buy the properties but what I'm very interested in is having a multi family rented out. I'm going on 25 next month and feel I'm quite a bit behind with savings and investing but I'm ready to turn myself around
Property Manager · Hagerstown, MD · Member since 2021 · 33 posts · 25 votes
4y
@Joshua DaVanon Congrats on the decision to make some changes! You won't regret getting into real estate.
I just turned 29 and I have never owned a primary residence. I do have a portfolio of 32 rentals which I have accumulated over the course of ~4 years. Had I owned a primary residence I would not have been able to grow the way I have. I moved into a very affordable duplex to decrease my expenses and save some money. It happened very quickly. When I went to the bank to get my first loan (5 unit multifamily) I had no existing debt to hurt my debt to income ratio which made the lending process simple. Having decreased my overall expenses (by moving into a cheap rental) my w2 income was more than enough to support the purchase even without the rental income. If your goal is to get into multifamily - go for it! Don't let the pressure of purchasing a primary residence get in the way.
Property Manager · Hagerstown, MD · Member since 2021 · 33 posts · 25 votes
4y
@Joshua DaVanon Congrats on the decision to make some changes! You won't regret getting into real estate.
I just turned 29 and I have never owned a primary residence. I do have a portfolio of 32 rentals which I have accumulated over the course of ~4 years. Had I owned a primary residence I would not have been able to grow the way I have. I moved into a very affordable duplex to decrease my expenses and save some money. It happened very quickly. When I went to the bank to get my first loan (5 unit multifamily) I had no existing debt to hurt my debt to income ratio which made the lending process simple. Having decreased my overall expenses (by moving into a cheap rental) my w2 income was more than enough to support the purchase even without the rental income. If your goal is to get into multifamily - go for it! Don't let the pressure of purchasing a primary residence get in the way.
Realtor · Cleveland, OH · Member since 2021 · 1k+ posts · 1k+ votes
4y
You are definitely not behind, and go at your own pace! Do enough of your own research, learn how to find and analyze a deal and it won't matter when or how much you started with.
@Joshua DaVanon this is what I want to do but my husband wants to buy a single family home. I don't know much about real estate but feel a rental property would be best. Is the process pretty much the same?
Chicago, IL · Member since 2021 · 3 posts · 0 votes
4y
@Shkeysha Jones it's a different loan but the process is similar from my understanding as I mentioned I have not gone through the process but would love to help in anyway i can. Best of luck to you and your husband. The way I sold it to my spouse was we own the building say in a year we want to have family move into the unit across from us we have that ability.( I'd like to rent mostly to public friends and family never work out) but it's a great thing to own a place to rent out especially as a first investment because you have a place for you to live as well if you'd like to conserve costs