Potential 1st Rental Property

[Igor Komerzan]

Hi BP,

Well that didn't take long. I went to my first showing the other day. It's a triplex that is conveniently located right in my small town. There is a shortage of rental propertiesin this are and the current owner said she has never had any of the units vacant. The unit was owner occupied up until a few years ago and it fetches almost $3000 monthly for all 3 units. Heat and electricity are included in the rent and last year the landlord paid $2500 for heat. She recently had replacement windows done and updated plumbing. The electrical will need to be updated, and things like paint and a good cleaning. The asking price is $199,900 but the sellersis very motivated and I believe in an gets it a little cheaper.I will most likely get an FHA loan and live in the apt for 6 months, enough to meet the FHA requirement and then rent out all 3 units. Do you guys think this is worth it? I'm mainly looking to make enough to pay the mortgage and cover expenses. Realistly I'd like to have the house paid off in 10-15 years and then id either sell the house all for profit or keep renting it.

It will be my first property of any kind, those that have much more experience than I do, does this sound like a good deal or no? 

[Upen Patel]

@Igor Komerzan FHA requires that you occupy the property for at least 1 year.

Upen Patel, Mortgage Banker

Federal NMLS# 1374243