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Updated about 8 years ago on . Most recent reply

Account Closed
  • Oklahoma City, OK
5
Votes |
35
Posts

First deal help and analysis

Account Closed
  • Oklahoma City, OK
Posted
I am looking at numbers for my first deal. The property is near Oklahoma. It is a multi family property with one building. It has 4 separate "units". Each unit has a common kitchen and common area. Each unit also has 3 bed rooms with a full bath. Total: 4 units, 12 rooms in one building. My plan is to rent to college students on individual leases. Rent: 450/month Asking price ~ 340,000 I'm working on obtaining pre approval for 20% down. Hoping to get a conventional fixed mortgage. Is this possible? I have my personal mortgage and will not be living in the property. I have toured the unit and am comfortable with overall structure. Will need to have detailed inspection of course. Can someone point me in right direction for pre purchase further due diligence. The property has a large attached grass lot that I hope to one day expand to. Do I just call the city and ask about zoning? Thanks!

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