Young and starting out

[Ian Lawson]

I'm young and looking for as much information I can get! I'm and accountant and i'm 19, my biggest problem is that I don't know what I don't know yet. I am looking for buy a small residential multi family home and rent out every unit available to tenants and one to my closest friend and business partner. What are some things that I need to be learning about so that, or what are some lessons that you have learned that you wish you did more research about??? 

[April Vogt]

Hi Ian! Do you plan to live in one of the units as well? I didn't know anything before I bought my first place-a small duplex-and one of the best things I did was find a good mortgage lender. I interviewed many and being new and nervous, found a really good fit. He's well experienced, working over 30 years in my area, even-keeled, and a 'numbers guy'. For my math oriented brain this approach worked the best (and may for you as well, being an accountant). He was able to tell me exactly where I stood for various different purchase scenarios, what I needed to do to in order to purchase another property, and never tried to 'sell' me a mortgage.

I'd also start reading up on any literature you can find on first time land-lording. It wasn't something that came naturally to me and I wish I would have prepared myself a little better for my first tenant, but I pretty much jumped in blind. That way, by the time your deal closes, you'll already have a good basis to start with.