We own a home in my hometown. We want to buy a place in my husband's hometown.
I'd rather buy a property that will help pay for itself than not. I found a 4plex.
Roughly, it would have a 1,000 or so per month mortgage/taxes/insurance, plus we'd pay water/sewer/trash. If we leave one unit open for ourselves, the rent will still cover it even if we only have two tenants.
We have established relationships with lawn service and handyman service in that town.
Downfalls? What am I not seeing? I've got the realtor going for more pics, and my brother in law (who is a contractor) going by to check it out for me.
Also, how best to finance? Just do it as a primary residence mortgage? (DH will need to be up there for a while anyway doing some minor renovations.) As I understand it, the lender factors in projected rent receipts when looking at the additional cost?
Any help is greatly appreciated.