All Forum Posts by: Constance Kang

 Thanks again John for the recommendation. I'll consider that!

@John D. I have ~$100K for down payment. Part of it which I saved from doing tutoring gigs during college and the other portion is family money. 

@Jerry W. Thank you for responding to my question so fast! I just got out of college and started my internship. The saving I got was from working as a SAT tutor in NYC, which pays extremely well and usually in cash. 

I would purchase in all cash, but unfortunately it doesn't cover 100% :(

Hi there, I'm new here; I have been thinking about entering real estate for years, and finally saved enough money to build a portfolio of rentals. I'm interested in multifamily units 5+.

What's the next step after getting leads? 

I have more than enough for 20% down, but trying to buy as many units as possible so I have a tendency towards smaller down payment. I'm financing the other 80%. Since I've never dealt with a bank before, where should I start regarding getting a mortgage?  

The properties I'm looking for are all under 500K, so obviously commercial real estate loan isn't an option.

Do I go to major banks like BOA, Chase, and ask for a personal SF mortgage?

Because I don't really have a job (no W2), I don't know if I could get any money. Plus, I'm still in my early 20s.

The properties I'm interested in have long-term occupancy and positive cash flow after mortgage, could I leverage that information when securing a loan?

In addition, I would prefer purchasing the property under LLC. Would that change how I finance?

Thank you and I look forward to responses!

Truly inspirational! I love to read other young investors also in their early 20s, this makes me feel hopeful. 

Hey Axel, congratulations on your first big achievement! We are the same age and my goal is also to purchase my first multi-family by the end of the year. You are such an inspiration to me! You seem very knowledgeable about the financing, could you share some resources? Which real estate pre-licensing course did you take? 

Hi Whitney, welcome to the BP community. I'm from NYC and I'm looking to invest in Upstate since the real estate in the city is ridiculous. Congratulations on triplex deal!

@Joel Florek I'm happy to share my oversea investment experience. But the RE market is very different, those are more of long-term investment: I'm waiting for the values to go up and resell them. 

I'm a city girl, and I grew up in apartment, so I never had any house remodeling experience, but would love to get my hands dirty. To be, being highly involved in every aspect of the business is important. 

Thank you for the advice. I think I'll start small like 5-20 units and then build my experience from here. 

Seems like I'll have to invest in other states. Any suggestion?    

That's very inspiring! Great role model for young entrepreneurs!

I'm also in my early 20s and looking to start in MF. However, the MF price in my area (Brooklyn,NY) is ridiculous, everything is $1M+.

What's your prior experience? Any recommendation for me?

And again, congratulations