New investor looking for advice

[Justin Leonard Tamburo]

Hello, I'm 20 and looking to buy a duplex for 90k both sides have tenants and I'm estimating the rent will be around 1,500 total. My max costs per month will be around 600$. What are some things I need to look out for? I plan on using a property manager and want to put a little bit of money into it fixing it up. Any advice is helpful thanks!

[Zach Taylor]

@Justin Leonard Tamburo One of the biggest things is vetting what type of tenants are currently in the unit if you are buying an occupied building. I have inherited tenants in purchasing low-cost duplexes like this to find out that they are not high-quality tenants and can cause constant headaches, pay late, damage the property, etc. You also want to seek an experienced property manager who can accurately forecast the rents, and predict what type of tenant the unit could attract. A building like this is likely going to be built in early 1900's so you'll want to have very thorough inspections on the property to become aware of issues and predict what repairs you must be prepared for. 

I agree with @Patricia Steiner in seeking a realtor who knows investing and can guide you through your first deal. Ideally they will have vast knowledge on investment property values and can predict ARV accurately. Let them know your goals, and provide them value in some way as well. Real estate is complex, but it's not rocket science. If you learn the fundamentals, surround yourself with the right people, and have a plan to execute, you will give yourself a great chance at doing well.