Cranston, RI · Member since 2013 · 6 posts · 0 votes
My name is Tony I, and I am 19 years old. I am looking to purchase my first property within the next year or two.
From reading other discussions on the site, it seems like a three family home is great way to start. Live rent free, and collect cash flow.
The thing that worries me though, is what if things go wrong with the property? I would lose the cash flow because of repairs. Also, I am still in school, so I have limited time to assist tenants if they have problems. Could I hire a property manager for this?
Lastly, besides rent, what other expenses are associated with a multi-family home?
I am sorry for all of the questions, and I understand I have a lot to learn before I start investing. If you guys could point me to any helpful resources I should read (besides the beginner's book) that would be awesome.
Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
13y
Hey Tony Iacovone welcome to the site! I think your plan is solid - I started my buy-and-hold investing with a duplex that I lived in half and rented the other half out - and still own it and love it.
Rental Property Investor · Salt Lake City, UT · Member since 2008 · 410 posts · 337 votes
13y
Tony, My third real estate deal was a functional tri-plex on Maui. I did not live "rent free" but the other two rental spaces made the overpriced house work with my budget. (Every house on Maui was overpriced.) You have a great plan. Keep in mind that older properties will generally have more problems and if your handyman skills and cash reserves are limited, a leaky roof or broken furnace can kill your budget. I stick with rentals no older than 1980. Also remember that a good home inspector during the due-diligence phase is worth his weight in gold.
Real Estate Investor · Englewood, CO · Member since 2013 · 988 posts · 258 votes
13y
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