First multi-family and rental

[Israel Gomez]

So, I made the mistake last year of purchasing a home before learning about Biggerpockets/house hacking/ rentals/ etc. Anyways I’ll be starting another job soon that’ll allow me to take on my real estate endeavors to finally get out of the rat race; albeit I’m only 27... better sooner than later right?? I’ve been looking at several multi family properties here in Yuma, Az... and it is scarce. I’ve boiled it down to one possible “ good deal”, but would like to get some feedback on it as this is my first rental ever! Price:$350000 Year built: 1920 UNITs: 8 + 3 bedroom house Down payment: possibly 20%? Still working out financing options since it would require a commercial loan... Rent per unit: N/A but around area of the property can range $400-$500. Thank you all for your feedback and I’m all ears with options because as I stated earlier, this is my first rental and I plan on going the buy and hold route.

[Erik Anderson]

You and are are in a similar situation. I purchased my first house about 1.5 years ago. I begin touring properties this week. I really would like a duplex.

I've been practicing analyzing deals. For people to offer advice I think they need some more info. What condition is the property in? How much do you think you'll need for capex and repairs per year? What type of area and tenants will this property attract? What do you think the vacancy rate will be? Will you use a property manager or manage yourself?