Where to start to buy 4plex on a limited income.

Question

Sorry for the long write and will try to keep it concise as possible.

I slowly come to realize that no matter what Jobs I have with my years of experience and seniority to get a promotion/raise with good record when the management position was given to a inexperienced junior due to my disability as Deaf while was given every excuses you could think of in the textbook to why I couldn't climb the ladder. With my good looks and smarts doesn't matter either. It's time for me to move on and find better alternative.

That's when I decided that I could run as landlord and live in 4plex with my knowledge and experience in luxury priorities management / hospitality industry and be my own boss. Almost no complaints from renter and was able to resolve any issue right on the spot. I have successfully completed a university degree in human experience and design. It's big deal as I am the only deaf who finished the program. Hopefully that gives you better idea that I'm willing and work hard.

So.....with that said, I don't know where to start. I don't have downpayment cash and now on Disability Benefits. I don't need pity and would like to find a way to earn income towards financial freedom. I am considering doing 4plex as starting point to see if I have what it takes to become landlord before I can move on to bigger project.

I appreciate any help / feedback / ideas where I can start.

Thank you.

Brenden Mitchum · Answer

Hey @Matthew McKay, welcome to the BP community!

So essentially your two options here are: 1. Find a partner of some sort. 2. Find a way to generate income and save up for a downpayment.

Going the partner route is a great way to start but you have to network your butt off and show that you have something to offer i.e. finding the deal and ability to properly manage it. In your post I can already see you leveraging your skills and work ethic to show value so just keep doing this but what's even more important is to just start talking to investors in your area. Get to know people and get a feel for where they are in their career and what they want to do next. Don't just grab onto the first investor you talk to and hold on for dear life; find the partner that is right for you. Now this could be in the form of another investor or it could be a family member/friend so just keep an open mind and talk to everyone you know about investing (just try to stay away from the sales pitch).

The other option mentioned is to start generating some income and start saving. This may take some time, but so might finding a partner. So why not do this and start networking heavily at the same time? Another very important thing to be doing right now is to learn everything you can about real estate and the specific niche you want to get into. Don't worry about learning about every strategy out there but just focus on what is best for your longterm goals. There are tons of resources here on BP for that, from excellent podcasts to great books. And if BP isn't enough for you there are a multitude of other websites, podcasts and books on whatever niche you choose to invest in. Yes, there may seem like a mountain of information and things to do but just take it one step at a time; stay productive and moving forward with a great attitude.

And if you ever have any questions or just want to chat, please feel free to message me anytime!