If You Don’t Want to “Go Big” With Multifamily Then At Least “Go”
Investing in real estate can be a daunting concept, especially if you’re not prepared. It takes a certain confidence in order to be successful in real estate. You have to be determined, focused, driven, and knowledgeable in order to make it in the real estate industry. However, contrary to popular belief you don’t necessarily need to start off with a single-family home. In fact, this mindset can actually keep you from achieving your financial goals for years.
Realistically, what it boils down to is your comfort zone. A lot of times many of us have a hard time reaching past it. Sure, it’s easy to visualize yourself flipping a house while watching a show about house flipping. But, when it comes to actually doing it you are far more hesitant, and understandably so. However, you won’t go anywhere in real estate unless you step up and are willing to take a leap of faith. Realizing that you have the ability to make things happen.
If your dream is to own multifamily complexes, why not start off with the multifamily complex? Yes, it can seem intimidating but it could be argued that getting stuck in a rut with single-family homes is no better than never trying at all. Granted, it’s not like there is this magical multifamily leasing technology that can help just make this process easier, but there are things that you can do to ease your way into a multifamily complex.
First, become aware of your area that you wish to invest in and the different types of complexes that are around you. Find out where the good locations are, and where you could potentially get good-quality tenants. After all, a good tenant can be the difference between a great experience and horrible experience of being a landlord.
Second, engage with those that are already in the industry. Whether it’s through online content, video blogs, or talking with someone you know personally in the real estate world. Start to gain knowledge and understanding of how multifamily complexes operate. By doing this, you’re able to open yourself up to a new world of real estate. And who knows, maybe you will discover some secret multifamily leasing technology that will transform the way commercial real estate is done.
If you are still hesitant after doing some research and talking to those who’ve done it before you, consider this option. Instead of starting off, let’s say, with a 15-unit building, why not try a duplex? A duplex, while not a big apartment building, is better than a single-family home. Because it gives you a small taste of what it’s like to manage more than one set of renters at a time. This type of unit will help break the ice into your world of multifamily leasing, and can help you gain confidence in your abilities to manage a bigger unit in the future.
Fulfilling your dreams to own a multifamily complex doesn’t have to just be a dream. If you make it a goal and put in the work and effort it takes to reach that goal, you too can enter into the world of commercial real estate. Just remember that confidence is key. And even if you are too nervous to “go big” with a larger complex, then start off with the duplex and at the very least “go”.