Preparing to purchase my first rental property.

[Thiago B DeSouza]

Hello everyone!

I currently own a multi unit property where I live in one unit and rent the other.

I'm preparing to purchase my first full rental property, hopefully a multi unit.

What should I expect? What items should I evaluate? Any and all feedback helps.

Location: Greater Boston Area

Thanks!

[Lien Vuong]

Financially you should expect 25% down with around 2% closing costs. Then it comes down to what type of condition you're looking to have and what types of returns you're looking for. There are plenty of opportunities for you to hit strong double digit cash/cash return if you're outside the Boston area but if you're looking for something to closer to the city then you're looking at around 5-6%. For a true investment property you can budget for professional management, vacancy, repairs/maintenance, as well as stablization time of 1-2 years until you get true market rents for all your units.