About to buy my first multifamily. Approved for $1M. Right track?

[Orlando Goodon]

Goal:

Build portfolio of 6 units (4FAM+2FAM or 3FAMx2) 

Make enough money to live off

Budget: $600-$1M

So I'm really pushing hard to get a quadplex. I'd like some insulation (1 empty unit, still have multiple rents coming in) from vacancy. Going to do 3.5% down at 3.5% interest rate.

Please take a look at my numbers below and tell me if they make sense to you. $1k profit in year 1, then $3k when I move out and it's fully rented does not sound right to me. Maybe I'm just missing that much of that money will need to go to reserve fund and also to any repairs needed. Then with 3-4 tenants, that is 4 times the problems potentially. For example, what if unit 1 & 2 have plumbing issues?

Yonkers	$800,000	Loan
Mortgage	$4,550.00	$770,000
Deposit	$30,000.00
Unit 1	$2,100.00
Unit 2	$1,900.00
Unit 3	$1,900.00
Unit 4	$1,900.00
Total Gross	$7,800.00
1st year NET	$1,350.00	$16,200.00
2nd year NET	$3,250.00	$39,000.00
	GROSS	$93,600.00
		8.23