buying my 1st rental property!

4 Replies

Hi investors, Im ready to pull the trigger on my 1st of hopefully many multi's. However

Im pretty nervous about the property i just looked at. Its in a good neighborhood but the house is old. The home was built in 1870 and its a three family, a 3 bedroom, a two bedroom and a 1 bedroom. The price is 79,000 and is assessed for 203,000. however the 3 bedroom needs renovation, the other two had some work but needs more updating and the floors are sloped. I have not yet had an inspection done, i am not experienced as i am a newbie. I was hoping to find a general contractor as well to get an estimate of cost of fixing up the property. I would love to connect with someone who can help me with my first property. I know i have to learn this and have been reading as much as possible with the time i have. I am from Worcester County Massachusetts. Should i find a multi that doesn't need a rehab for the first property? Sorry so many question just i dont have alot of money and want to get this right! Hopefully i dont have analysis paralysis!!! would definately appreciate some input.  Maybe a 203k loan is a possible to help with fixing up the home? My rough guess is it needs 50 to 70k in work but thats why i want a pro to look at it and just want to know if it would be worth it.  Thanks again!!

@Kenny Bergeron I pulled it up in MLS and found exactly the property you mentioned... If you want, you can message me and we can chat about it.

Eric i would really like to chat with you!!! I sent a message to your facebook page too.

you sound very motivated and are doing what i would love to do! Your input would be greatly appreciated!!!!   Thanks

@Kenny Bergeron a thorough home inspection should help once you've got it under agreement.

Mike

PS I'd be careful about letting anyone know details unless you've got it UNDER AGREEMENT, although Eric Bowlin seems like a stand up guy?

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