My First Multifamily Real Estate Investment | Buying Rental Property Out Of State
In this video I talk about my buying my first multifamily rental property. This investment property in particular was a Triplex. Now the beauty of owning rental property is you can make money in multiple ways including cash flow, principal pay down, appreciation, tax benefits, and value add. Multifamily Real Estate Investing can be a great way to go if you’re looking to get good cash flow.
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When you buy an investment property, you want to make sure it will cash flow properly and even better if there is the opportunity for value add. Well this property had both. Now this property was just my 2nd investment property I ever purchased and my first ever rehab out of state so needless to say I made some major mistakes along the way. One thing I should have done was check that the contractor was licensed. My contractor told me he was and I never checked until a while later and it turns out he wasn’t telling the truth the whole time. Another major mistake was not replacing the plumbing on this project while the rehab was in full effect. Regardless of these mistakes, it still turned out to be a pretty good investment over all. The cash flow I’m able to get on this property is a good reason why I’m such a fan of out of State investing.
Whenever you’re attempting Long Distance Real Estate investing, it’s important to mitigate as much risk as possible. So working with contractors who are both licensed and insured gives you the opportunity to hold them accountable should something go wrong.
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