Newbie looking for Multifamily in Norman, Oklahoma

3 Replies

Hello,

I'm brand new to real estate investing. I had the general idea and then stumble upon this post . My 1st and primary goal is to purchase a multi-unit home using a FHA/203k loan. I have contacted a mortgage broker about helping me secure this loan. I want to use a 203k loan so I can have access to funding to rehab a home if necessary.

I will live in one unit and rent out the other unit. Norman is a college town so I don't think finding tenants will be a problem. 

What is the best way to look for a multi-unit home?

I realize this goal will require me to find contractors and then act as a landlord. There's potential for a lot of things to go wrong, so I've been reading up on this.

I am open to all advice and suggestions.

Thank you in advance!

Finding a good deal would probably be one of the most important things to do. You can go to local real estate meet ups to find deals or link up with a realtor. 

Welcome Minh.

Since you are new, I would reiterate what some of the experienced posters here have said. Focus on the deal, not how you feel attached to a property you want to buy to get started.

Keep some reserves, in case it takes longer for you to rent out the other unit.

Please remove most emotions when you want to be a landlord. Don't rent out the next unit to you and continue to be close friends with your tenant. You are a businessman first.

Here's the update.

My mortgage broker only allows a FHA loan. I got pre-approved for 150k.
They also hook me up with a local Realtor. I will meet him tomorrow. 

I also found a house that I like on Zillow, but its FSBO. It's a duplex and one unit, 2rm/1bath is already rented out, the 2nd unit is 3rm/1bath is open. If I do buy the duplex I will acquire both units.

More to come later.

@Dashon Jones - Got it. I'll be going to meet a realtor and go to a meet up tomorrow.

@Jai Reddy - Business man first. I'll keep that in mind. Thanks 

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