First investment property and home
So I have many questions and I don't even know where to start but pretty much here is the deal there is a triplex in the area I'm looking at moving to and u need help to find out if my thoughts are even remotely close to a good idea. Here are the firm facts it is a fixer upper, it has 2- one bedroom one bath apartments and 1- three bedroom one bath apartment the asking price is 179500 and it is right down the street from the college in soldotna alaska a one bedroom apartment in Soldotna goes for about 800$ on avarage and I'm looking at a fha loan with 3.5% down and an intrest rate of 3.75% also I'm going to be using a property manager who charges 10%. So if I live in the 3 bedroom apartment and do all of the fixing out of pocket is this a decent deal? Also this is my first house so I want to make sure I do it right I know one thing I have on my side is time because I'm only 24 and this is scary. What do I need to be aware of and how can I cover my butt(cya) in every way possible? And is there anything I am overlooking? Thank you for reading this and I'm sorry it's so long.