1st property, help please

[Chris Krouchick]

Hello everyone,

I am looking into making my first purchase and was looking for some insight and assistance on my first venture.

I am in the process of trying to price a two-unit multi-family home with two bedrooms in each unit. The current list price is $65,000 and that is just the number I am basing most of my numbers off of. I figure that I will be able to get the seller down about 5-10% and that will slightly enhance my numbers, but for now I would like to stick with the $65,000.

I would like to occupy one of the units with a friend and rent the other out. I figure that I would be able to get about $700 for one unit and charge my friend about $250-300 a month as well.

I got with my lender and he ran some numbers for me. we came up with a total estimate of about $660 a month (seems a tad high to me, but it probably right). he said a loan we could use was an FHA with a seller's assist. I plan on living in it for a year or two, before moving into another property and eventually growing my portfolio.

I would like to make some money off of the renting of the property, even if it is not all that much. I do not want to drop the ball and mess up my first purchase, so please fell free to send me some suggestions or even rip my plan apart. Thank you!