Help - looking at a 6 plex!
Hello!
I am interested in purchasing a multifamily 6 plex property in Dubuque Iowa. I am new to the real estate investing scene and figure this is the best way to go for cash generation. (See link below for house)
https://www.realtor.com/realestateandhomes-detail/...
The unit has $49,000 in rent / year and approx $18,000 in expenses according to the seller.
Net Profit = $32,000 a year (roughly)
Property Tax - $6700
Utilies - $6696
Insurance - $2670
Unit 1 - 800
Unit 2 - 1350
Unit 3 - 750
Unit 4 - 400
Unit 5 - 430
Unit 6 - 430
Random comment -but my net worth is close to ~$500K and I currently already own the house I live in so I'm thinking the bank should not give me too much of a difficult time?
1.) Any general comments regarding what to look at? What steps should I do next?
2.) Is this considered commercial? Are there any special steps to take next?
My next step is to talk to the bank to get preapproved then go look at the property itself. Any thing I should be wary about as a new investor?
Thanks for your help!! Jason