In previous posts- here and here, I spoke about the benefit of investing in real estate, specifically multi-family properties. In this post I’ll give you the step by step on how to start your buying process. If anything, the following is an easy exercise first time home buyers can try to see if investing in a multi-family is feasible for them. The truth is that it’s not that complicated- just some simple math and roll-up-the-sleeves work.
Pick a few towns
First you will need to pick at least three towns you are interested in living in. The towns should have multi-family properties listed for sale. Some town’s zoning laws do not allow for multifamily properties or only a limited number of them, so use Trulia or Zillow to help you weed through (use sort function). Pick towns that you or your spouse will actually live in – I wasted a lot of time looking in towns with great financial deals that my spouse would never live in. Continue reading