New landlord (possibly) and a cry for feedback.....

[Lenin Vega]

Hello every one.

Im new to bigger pockets and still have to update my profile. My apologies.

I would like to hear your opinion on a first time multifamily unite I’m about to purchase.

Here are the spec’s below:

-Fha 3.5 down loan @ 4.125 rate.

-Purchase price- 590K is a bit higher then market rate.

-Mortgage: roughly $37 to 3900 a month.

-3 units. Built 1930’s

-1br Vacant. Can get 900 to 1150. Will be living in this one.

-2br vVacant. Can get $15 to 1800. Pretty big apartment.

-3rd floor is a 3 bedroom apartment. Comes with 2 year tenants. A family of 4, 2kids, dog and a washing machine in there apartment. Currently paying 1750 but ten tents pay onetime.

Can get $1850 to $2050 for the size and area.

-Location: Bronx NY (good area).

-Building. New windows, New boiler and gas water heater. The inspector pointed out that they where top of the line purchases.

-Good inspection report.

-Short walk to train station and close to hospitals.

-Working class mix people.

What do I need to know. Where are my pitfalls.

I have a good attorney overseeing the paperwork.

Here are my further inquiries before buying the property.

-Financial maintenance of a property

-Property updates

-What else should I ask the homeowners before signing the contract?

I greatly appreciate your time and effort with your support.

I’m hoping to start out with buying and holding then jump into flipping once becoming more comfortable with real estate.

Also add me on your network. I’m new to real-estate but pretty witty in figuring out certain niche’s markets.