Buying First Rental Property
Hi, I am just starting in the rental property world. I came across what seems to be a great deal but wanted some advice. I found a 5-plex for sale with a 3 bed room house in a HPR. The 5 plex has five 3 bed 2 bath units that rent for about $1200 each. The house has 3 beds and 2 baths renting for about $1150 right now. This property is right next to Drake College and within walking distance of campus. The 5-plex is listed at $494,000 and the house is $125,000. This seems like a cant miss opportunity just based off the numbers. My only problem is I don't have enough saved up to buy the 5-plex and with just getting started in the rental game will taking on a 5 unit building to start be too much?
If anyone has suggestions on what the best way to finance this would be or if I should just stick with the 3 bed house to start.
thanks,