Help With First Rental Property

[Marlon Diaz]

I've been looking at youtube videos from various sources to prepare myself on buying my first property by the end of the year (2020). My goal is a 4-plex. I'm nervous about it, I'm currently deployed in Afghanistan and I'm ready to come home. and invest my money. I would like to hear the story of your first deal, the bad and the good as well as the answers to the questions below. Thank you all in advance. 

1. What should I look for and what should I avoid? (in example: location benefits such as next to a university, waterfront, etc.)

2. What rookie mistakes did you make so that I can try my best to avoid them?

[Nicholas L.]

@Marlon Diaz welcome.  Do you have a market or city picked out?  Have you gotten pre-qualified for a loan?  Do you have some savings for a down payment and reserves?  I'm assuming you're planning on living in one unit in the 4-plex - is that correct?

One of the main rookie mistakes people make is thinking that profit is simply rent minus monthly mortgage. The BP webinars, calculators, and forums do a good job of reminding everyone that there are many more expenses that must be taken into account - Capex, vacancy, repairs, etc.