First investment property

[Joseph Walter]

Hello everyone, I wanted to reach out to the pros of real estate investors and associates to ask for advice. I'm currently in the process of buying my first property (a triplex) in the KcMo metro. Using a fha loan owner occupied house hack trick that seems to be trending. I figure why not give it a shot as many say it's the best ways to get started. The details of this property are that all of the units are occupied with one lease ending soon enough for me to make my way into it. Now, I have never been a landlord before nor delt with property management that the current owner has. We have inspections coming up next week then the appraisal. My earnest money has been sent, so it seems we're under contract and needing to avoid any mistakes or look over something important. Do I need to keep the same property management if the seller has a contract with them? Do I need to pay for the most thorough inspection or only general oversight? I'm working on having the seller give a non renewal notice before closing to keep my timeline flexible but so far hasn't landed fully due to their own protection which I understand, although the lease will go to month to month automatically if nothing is done and doesn't make it a deal breaker necessarily. The price of the home is roughly 300k and fully rented generates 2700 a month. Two units are two bedroom one bath and the last is a studio in the back. I have not shopped around for home owners insurance and other things that I'm not sure if I'm missing. How would you guys dive into this situation? Am I on the right track to a decent deal? Something I can work with? I have two kids and want to make every smart decision I can to minimize risk mostly for their sake. I'm somewhat of a handyman and can handle updates or maintenance/repairs so i believe I'd make for a good landlord or do things around to make it worth more or possibly slightly raise rent. I'm not sure what I should be focusing on right now. I could really use a mentor or even just a friend to communicate with to help guide me in the right direction.

[Wale Lawal]

@Joseph Walter

It seems like you have done many things correctly so far. The best thing you can do is to get the most comprehensive inspection possible, examine all leases, ensure all rent payments are verified, and understand all the costs before signing off the deal. There is no need for you to retain the current property manager if there is no such obligation under the contract. As a house hacker, it is important to plan your move in carefully.

Good luck!