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Updated about 9 years ago on . Most recent reply

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Danno Lambert
  • Lowell, IN
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First Purchase? Home/Rental

Danno Lambert
  • Lowell, IN
Posted

I am looking at my first purchase as a new investor/home owner.  I am currently looking into a single family home(for myself) with an attached apartment upstairs.   The apartment currently has a tenant that has been there for quite some time and current owner says they have always been a "good" tenant.  I'm hoping that purchasing this home will get me into a new home as well as have a tenant pay rent that covers my mortgage.  What specific things do I need to know/remember when putting together a deal of this kind?  Insurance, Mortgage, Taxes, future repair expenses, additional costs that I may be missing?  I am looking at this and trying to save myself money but at the same time turn this into a first investment rather than just a first home.  Down the road I would like to turn this place into a dual residency rental property rather than my home and a single rental space.  What book should I read, forum post should I follow, or who should I talk to about making sure that I have all my bases covered when trying to work through a deal of this specific design?  Any help would be greatly appreciated.  I am very new at this and am willing and eager to learn but want to make sure I'm looking and learning in the correct places!  Thanks for your help...

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