First deal 😊...maybe

[Stacey C.]

Hello everyone. I’m a new RE broker and I’m also working on my first RE investment deal. The triplex is listed for $328K. All units are occupied but I will eventually live in one of the three units if the deal goes through. Taxes are $4900. Insurance is $1863. Units are currently renting at $760 for 3bed 2.5 bath. Property is near a local college so I am considering renting per room. Included with the triplex are four vacant lots with completed infrastructure for building. Any advice?

[Derek Diamond]

Hey @Stacey C.

This is how I and many others have started out.  I lived in the back unit of my first investment property,  a duplex.  You will learn how to manage tenants very quickly.  Make sure to set up boundaries because if they know where you live (one wall away) you don't want them knocking on your door at 2 am especially if they are college  kids because they will be up.

As far as advice, some more info about the deal would be helpful.  You can try using the calculators on this site (you get 3 uses for free I think) and I personally find them very useful.  Is the plan to build on the vacant units, sell them off or what? Good Luck!