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Updated over 8 years ago on . Most recent reply

Account Closed
  • Durango, CO
0
Votes |
3
Posts

Looking for Advice on specific triplex

Account Closed
  • Durango, CO
Posted

Hi everyone. I am new to BiggerPockets and anxious about getting into investment properties. I live in Durango, Colorado and do not qualify for a loan large enough to purchase a property in Durango as the housing is pretty expensive so I am looking at getting a triplex in another town about one hour away. I work as a high school teacher and would like to supplement my income in order to qualify for a larger loan someday and be able to afford a personal house in Durango. I do not own my own house and am still renting. I would be looking at using a first time home buyer FHA loan in order to make the down payment and get into the investment game. I would need to live in one of the units for a year in order to use an FHA loan. After living in it for a year I would probably come back to Durango and continue to rent a place as I do not want to commute everyday. Furthermore the property is listed for $255,000 and at this point brings in $2000 on a monthly basis with all three units rented. Does this seem like a good idea? I think I could probably offer less as it has been on the market for about 6 months. Also is it ridiculous to look into buying an investment property and then be renting an apartment in another town after fulfilling my year for FHA loan purposes? Will it hurt my chances at getting a loan a few years down the line for a personal house if I already have a loan out on this property? Any advice would be appreciated

Thanks!

Most Popular Reply

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56
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33
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Marcel Theisen
  • Specialist
  • Planet Earth
33
Votes |
56
Posts
Marcel Theisen
  • Specialist
  • Planet Earth
Replied

Hi Devon, 

Welcome to BP and congrats for taking action on finding your first rental property. 

There really isn't enough info in your description to analyze the deal but just based on $255K for $2k in monthly rent doesn't sound like a great opportunity. You may want to use the Rental Property Calculator (under Tools tab above) and also check out the beginners guide to start analyzing properties: 

BiggerPockets Ultimate Beginner's Guide to Real Estate Investing

-Marcel 

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