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Updated 6 months ago,
First Time Investment Opportunity
Hello BP,
First post. First time buying an investment property. I’m 26 years old. I went to look at a 3 family home yesterday. My goal is to house hack a multi-family and then move out after 12-18 months when I am able to buy my 2nd property. 2 of the units are under lease agreements. 1 unit is vacant (which I would be living in). On the tour yesterday, my agent and I noticed some settling in the floors in the top unit (vacant). The house was built in 1890 so it has field stone foundation and we noticed some joists in the cellar like they’ve tried to temporary solve this problem. Another concern I had was the unit I’d be living in is very tight. The bathroom ceilings were so low that I may not even fit in the shower. There are a lot of pros about the property including that it would be cash flowing approx. $600 per month if I were to move out.
I guess my question is how do you know when to take risk and when not to? What types of sacrifices should I be willing to make? Or just any general advice about buying your first property would be helpful. I have also seen a lot of negative posts on here lately about the real estate industry so just need some assurance this is still a good route to go.
This is also one of the first properties I’ve toured so I don’t want to jump too soon but I also don’t want to miss out on a good deal.