You can get started in multifamily in at least the following three ways (not meant to be an exhaustive list).
1) Acquire in an area where 30% of the purchase price is in your budget
2) Participate in a syndication (i.e. partner up with like-minded investors) to acquire in an area where coming up with 30% alone is outside of your budget
3) Explore seller carry options to reduce the amount of downpayment required - this of course, can be used in combination with (1) and (2) above.
Although, personal investment objectives differ, I personally chose (2) and (3) above for my own multifamily investments - not only does this spread my risk across multiple properties, but also enables me to buy in "more expensive" areas where the economic base tends to be stronger. If you have more questions on the above, feel free to give me a call at 619-813-5809
Aug 27, 2009