Owner Occupied Multi family

[Rania Mutumhe]

Hello everyone,

I just got preapproved for a conventional owner occupied multi-family investment property loan and am currently looking for deals. I'm putting my current home up for rental and still need to find a tenant, facebook marketplace has not been very productive as I've been getting more scammers than serious people. Anyways my question is more on how to analyze a deal and decide if its good or not. Initially I thought if the rents cover my mortgage that's a good deal but I'm realizing there is more to it than just that. What are some other things that I should factor in to make sure I don't make too many costly mistakes with my very first investment.

Another thing I watched a youtube video that said to get pre approved by at least 3 lenders to try and get a better rate, is this the recommended thing in the industry?

thank you for all your help as I navigate these unfamiliar but exciting streets of REI