4-unit owner occupied investment as my first property?
Hello. My name is Mike and I am brand new to to investing in real estate. It has always seemed like a no brainer to me to have tenants paying your mortgage/making you some money but it seems like nobody wants to get into it. Besides the horror stories of horrible tenants which you have to expect I just don't see how this is a bad idea.
A little about me.....I am 26, in my first job outside of college making 100K and will be paying about $1300 a month for my college loans over the next 25 years. I do not have any family that I am supporting and am currently renting a 1BR apt for $875/month. I will not be needing a house of my own anytime in the foreseeable future and it seems like an owner-occupied investment property is perfect for me. I know (or maybe I have no idea) a 4-unit building will be a challenge but at this point it seems like a solid move. With units occupied 70% of the year the mortgage would still be covered completely with out any contribution from me. I know taxes will be additional but if I am throwing away 10.5K a year in rent, why not put it into an income property?
Any help, advice, caution, or reassurance that can be provided would be much appreciated.
Mike