Starting a Multi-Family Portfolio
“I have always wanted to own rental property, but it seems like such a daunting task”
“I want to buy a rental but don’t really know where to start.”
“My buddy owns some rentals and seems to be doing really well, but I have no clue what I am doing or what to look for.”
I hear a version of these statements often and and I take pride in being able to respond with real, valuable advice based in decades of success (and some failures) and true, hands-on experience.
Prior to chasing 2 young kids around the house and the soccer field, my wife and I used to buy, live in and renovate duplexes and triplexes to create our real estate portfolio. The first one is always the hardest as you are learning on the fly how to navigate the zoning process, how to secure financing, how to correctly read credit reports and draw up leases. Invariably, a pipe bursts or someone locks themselves out at an inopportune time – that is the nature of property management. But in reality, the times I have had a true emergency in a rental property have really been few. Don’t let someone tell you otherwise.
I will admit, buying our first one was a bit scary. But after successfully purchasing, renovating and leasing it, we realized it was not that hard…and we actually took a liking to it. We also learned that being a landlord is not only easier than we thought, but it can be rewarding as we actually became friends with several of our tenants and ended up stewarding many of them through their own buying process.
I have even been fortunate enough to help over a half dozen of my friends become landlords in my many years in the business. As my friends who have bought will tell you, owning multi-family properties is one, if not the best, investment decision they have ever made.
Let me know if you want to talk!