Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 11 years ago on . Most recent reply

User Stats

5
Posts
1
Votes
Chris Krouchick
  • Scranton, PA
1
Votes |
5
Posts

1st property, help please

Chris Krouchick
  • Scranton, PA
Posted

Hello everyone,

I am looking into making my first purchase and was looking for some insight and assistance on my first venture.

I am in the process of trying to price a two-unit multi-family home with two bedrooms in each unit. The current list price is $65,000 and that is just the number I am basing most of my numbers off of. I figure that I will be able to get the seller down about 5-10% and that will slightly enhance my numbers, but for now I would like to stick with the $65,000.

I would like to occupy one of the units with a friend and rent the other out. I figure that I would be able to get about $700 for one unit and charge my friend about $250-300 a month as well.

I got with my lender and he ran some numbers for me. we came up with a total estimate of about $660 a month (seems a tad high to me, but it probably right). he said a loan we could use was an FHA with a seller's assist. I plan on living in it for a year or two, before moving into another property and eventually growing my portfolio.

I would like to make some money off of the renting of the property, even if it is not all that much. I do not want to drop the ball and mess up my first purchase, so please fell free to send me some suggestions or even rip my plan apart. Thank you!

Loading replies...