First Investment Property
Hello Everyone,
I am looking at buying my first investment property. I have read the guides on this site and they have been very helpful. I have a few questions hopefully you guys can give me some insight.
I am looking at multifamily homes. I think it will be easier to manage a single property and it will cash flow more than a sfh
When you look for a realtor do you look for someone with expertise in investment properties? I know several real estate agents but to my knowledge, they deal with residential properties.
Would you go through the bank for a conventional loan or use a mortgage broker or other source of funding? I am pre-approved through my bank but I see most people investing in properties are using a mortgage broker or other source of funding
Do you calculate exact expenses when looking at a deal? I'm running the numbers on a few properties to give me an idea but without knowing the exact expenses I can't be sure of how much it will cash flow. I use the 50% rule, look up the property tax, 3.5% interest rate and $2500 closing fee. I don't know how much the utilities and insurance costs
When you rent a unit out do you include utilities?
What kind of cash flow would you expect from a multifamily home investment?