Rental Property Analyze

Yes, she’s ugly.

She has purple windows and a dull gray paint job… but I love her anyways.

Today I want to tell you about my newest purchase, a triplex, and walk you through the step by step process I took to get this property. Although it’s easy to get small pieces of information here and there regarding the process for getting into small multifamily properties, sometimes the theory is just not enough and you want to see the real thing – the whole picture. That’s what this post is going to do – give you the exact, step by step process I took to acquire my newest investment property.

Keep in mind that every real estate deal is different. Every one has unique challenges, problems, benefits, advantages, and strengths. However, a success investor finds ways to navigate those treacherous waters and come out dry on the other side! That’s what this post is about: my ride – and I want to take you with me on it!

How to Find Multifamily Properties

Before ever taking a glance at the MLS, there are a lot of little steps that are important to take. Education, of course, is key – which is why I helped to write the Ultimate Beginner’s Guide to Real Estate Investing, and why we made it free. If you don’t have a basic understanding of what makes a good real estate investment, the rest of the game is just luck (and luck is not on your side!)

Following the education, I believe it’s extremely important to make a plan. You’ve heard me say it before: you wouldn’t embark on a road trip without a map, so why embark on a real estate investment without one? While I think an overall plan is great for your investing business (Like “I want to buy …read more