New to Real Estate, Closing on first Multifamily

[Mitchel Quinn]

My name is Mitchel Quinn and I would like to get a good foothold in the door of real estate to get on the right path and stay there. My girlfriend and I have been looking at properties over the last couple of months due to life situations changing and having a decent chunk of change saved for a down payment. We walked through a property that we went into thinking we were not going to like it and we ended up loving it and jumping on it pretty quickly after because the seller was getting other cash offers and the price/location/set-up of the property just fit our situation well. The price we thought was very reasonable in this current market based off the other properties we have seen prior to that with similar layouts. We would be incurring the tenants in one half and would live in the other half ourselves. Currently we are finalizing paperwork and figuring out what insurance we need and just trying to figure everything out all at once. I would love to just put my mind at ease with a little more knowledge and pointers as to how we can start out as strong as possible. Thank you for your time.

[Marc Rice]

Quote from @Mitchel Quinn:

My name is Mitchel Quinn and I would like to get a good foothold in the door of real estate to get on the right path and stay there. My girlfriend and I have been looking at properties over the last couple of months due to life situations changing and having a decent chunk of change saved for a down payment. We walked through a property that we went into thinking we were not going to like it and we ended up loving it and jumping on it pretty quickly after because the seller was getting other cash offers and the price/location/set-up of the property just fit our situation well. The price we thought was very reasonable in this current market based off the other properties we have seen prior to that with similar layouts. We would be incurring the tenants in one half and would live in the other half ourselves. Currently we are finalizing paperwork and figuring out what insurance we need and just trying to figure everything out all at once. I would love to just put my mind at ease with a little more knowledge and pointers as to how we can start out as strong as possible. Thank you for your time.

 The best thing you can do is buy. You can mitigate risk along the way. Good pro tip is to not tell the tenants you're moving into next door that you're the owner but just affiliated with the property manager.