About to purchase first investment property need advice

[Neddrick G.]

Hello, I'm new to real estate investing but have been educating myself for the past few months about it. I am currently in the process of purchasing a 3br 3ba property for 48k in Florida. I'm going to purchase the property as a primary residence in which I will be residing there and renting the other 2 rooms to college students. I've talked with my bank and was advised to get a conventional loan with 5% down so about $2400 with a 15 year mortgage interest about 3.375%. They told be that the payments with interest and insurance and taxes would be roughly $565.

My intentions were to rent out the other 2 room as individual rooms. For example, while i was in college, I stayed in a 3br duplex. Myself and my 2 roommates paid $2000 / semester EACH. So that equivalent to $500 a month a piece, so my landlord was getting $6,000 from us every four months so about $1500 a month. We couldn't pay it monthly, we were require to pay it in a lumpsum when we received our financial aid checks. She only rented to college students that were getting aid and she had about 6 duplexes total so imagine in income she was getting.

I'm looking to kinda mimic the same behavior as far as renting the other 2 rooms for $2,000/semester a piece. Which each semester lasts 4 months and the university is in walking distance. Do you think this would be a good practice? Also after maybe a year, i'm looking to convert this over to just investment property and move and rent the third room at $2000/semester and then possible obtain another deal like such. Just would like to get any advice on this. Thanks.