Beginner looking for advice

9 Replies

Hi All,
I want to get into the multi family business.
I'm an engineer on a W2 income located in San Diego.
What advice can you give me to get started besides networking and reading a lot?

Thanks,

Guy

Hi @Guy Elbaz ...welcome to the investing game and BP!  

You already said the two main things which is networking and educating yourself...but let me elaborate a little on networking.

Networking is hugely important because it is the fastest way to connect with those who are already having success in what YOU want to do. Go attend local REIA's and investor meetup groups and talk to the investors there; you will not only run into multifamily investors but also other folks you can add to your powerteam to help support your investing.

You might find a mentor that you can tag a long with to experience transactions with...it could help you with the experience to move forward toward your own deals.

If you ever want to connect over the phone, just private message me...I run a group in San Diego and have a network of folks you can plug into.  Best of luck!

Hi @Guy Elbaz and welcome to BP! There's a great local REIA in Vista called the NSDREI that's insightful with investors of all kinds. Regarding real estate books, The ABC's of Real Estate Investing by Ken McElroy and Investing in Duplexes, Triplexes and Quads by Larry Loftis are great books targeting multi family properties. Let me know if you have other questions.

@Guy Elbaz  I was in your shoes 6 years ago when I started as engineer. The best thing that helped was looking at listings every day for literally a year and seeing 50+ houses/multi-family personally. Take advantages of the open houses. I looked at listings within an hour driving distance as I wanted to be sure I know the neighbourhood and if it’s growing area (new infrastructure, immigrations, jobs, etc..)

I got a really good gauge as to what opportunities are there. Be patient and if you missed one there will be another one. I imagine Sand Diego is expensive like Toronto. I ended up house-hacking (living for free with roommates) with 5% down since I had no money and wanted to leverage as much as possible.

Hi Guy, don't you just love BP.  Ask a question and wall la many answers!  Ok so your an Engineer, great I am going to assume you make more than most people in San Diego.  Ok, but more importantly are you married, any kids.  If the answer to those two questions are no then you came to the right place for advice.  You see if you have a wife and kids then what you do factors greatly into their desires and probably derails my advice.

I love multifamily real estate. For a beginner, the absolute best way to get into it especially if you are renting now is to buy a duplex, or modest home and rent out a room or the other side of the duplex or better yet buy a duplex rent out the other side but also rent out a room on your side. If you do that for 2 years, then the experience you gain will guide you on your next steps and you will be on your way to acquiring wealth!

Good Luck, BTW if you need a realtor in SD I can give you a great contact.

Yes BP is amazing, very supportive!
Thank you guys for the reply. I will start looking for deals in my area.
Joe to your question I have a wife and a 2 year old so house hacking will be difficult. Especially with the fact that we just purchased our first house.

Hey @Guy Elbaz

Welcome to BP!

There are a ton of San Diego members on here, so there should be no shortage of information.

I host a local meetup with a few other members on here. We meet at a different active investment deal each month (some flips, some units, some new development, infill, etc).

Let me know if you'd like more info.

Either way, best of luck!

Hi Guy,

My advice is to use what you know and put together a team that can bridge any gaps in your knowledge, and enable you to accomplish your goals. Starting making offers: here, there, anywhere. Just go for it.