Lesson 1: Defining Your Business Plan
As a real estate entrepreneur, the first thing you must do is define your business plan. This means you must decide your level of risk tolerance and what areas and assets you want to invest in. You can do Section 8 or subsidized housing to middle-class apartments to Class A luxury units. Focusing on one specific niche is best when you are building a portfolio of multifamily real estate. For many starting out, they opt for Class C assets – the apartments that most working-class people live in – because it’s affordable and plentiful.