How do I go about buying my first multiple family rental home?
1. Get your financing lined up first. Until that's securely in place, you're not in a position to make offers.
2. Decide what locations you'll consider.
3. Get connected with a good full-time Realtor.
4. Start looking at properties.
5. When you find one that works, write an offer.
6. If accepted, do your inspections.
7. If acceptable, write the P&S. (We're a 2-contract state)
8. Get the P&S to your lender who will start the underwriting process.
9. Get your loan commitment from the lender.
#BOOM. You're a landlord.
As mentioned you want your financing set up. Do you plan to live in the property as well? If you are purchasing as an investment property, you will need 25% down for the purchase, as well as closing costs and reserve requirements.
Getting pre-approved would be the next step, when you have the savings account ready.