Purchasing a 4 unit Multi-Family home at age 24

[Joe Fornasiero]

I have been considering purchasing a 4 unit Multi-Family home as an owner occupied/rental investment. The numbers seem to workout very well at this point. Current asking price is $200,000 and the gross monthly cash flow is $3,200. Once I move in that would drop down to $2,400. I am looking for input regarding how much I can expect to set aside for repairs, upgrades, etc. The building looks to be in fairly good shape with no major issues. Looking for advice from anyone who has experience in multi-family properties

[Tyler Mills]

Originally posted by @Joe Fornasiero:

I have been considering purchasing a 4 unit Multi-Family home as an owner occupied/rental investment. The numbers seem to workout very well at this point. Current asking price is $200,000 and the gross monthly cash flow is $3,200. Once I move in that would drop down to $2,400. I am looking for input regarding how much I can expect to set aside for repairs, upgrades, etc. The building looks to be in fairly good shape with no major issues. Looking for advice from anyone who has experience in multi-family properties

This is a little unrelated to the question, but something to consider that might save you a little bit of money each month with this potential investment is to see what type of mortgage the seller has. If they currently have the property financed with an FHA loan, you might want to consider assuming their mortgage when you purchase the property. If their current mortgage is readily assumable (FHA, VA, USDA) and it is at a rate even slightly lower than current rates this could save you on closing costs, origination fees, and even on your monthly mortgage payment, putting more money in your pocket every month vs getting new conventional financing.