Potential First Deal

[Blake Norman]

Any and all input is welcomed on this specific example. This would be my first purchase of any property. I have found a multifamily property I am interested in. I saw the property today with a realtor and met with the tenants briefly. It was built in 1952 and could use some upgrades (rotted out bathroom floor in one unit, rotted windows, and some aesthetic upgrades among others.) Knowing I am going to have to put some money into this property is noted. All three units are currently occupied.

Ok, I am interested in moving forward with the process of potentially purchasing this triplex: In what order do I proceed from here? Do I need to have an inspector look it over first? Do I need to make an offer contingent on it passing inspection? Do I get quotes on potential repairs that will be necessary (I'm assuming this typically follows an inspection)? Some other combination of various activities?

Again, this is my first deal and of course I am learning a tremendous amount along the way. I would love to answer questions for any info I am potentially leaving out.

Thanks!