Newbie in rural Upstate New York (Oxford) wanting multi-family

[Carol Kuhn]

Hi Everyone,  I have been a pro member for almost 2 weeks. I have listening to podcasts, watching webinars & reading books.  

My husband and I our entrepreneurs, so my goal is to supplement our income thru real estate, owning up to 5 multi-family units.

My husband has his own projects and hobbies, so this is my deal. He will be involved in the construction area, and I will have to convenience him I can do this without him being too involved.

I would like to purchase my first multi-family unit within this 12 month period. I live in a rural area and prefer to stay close for this first property, so I will not have a lot to choose from close to home.

When I first started, I met with a local real estate agent who has rentals. to get some advice. However, I plan on meeting with a few other agents to find the best fit. 

I analysed my two (2) first properties last evening, with some assumptions made about rehabs amounts and condition of the property. Both properties are in a good neighborhood, close to downtown, historic homes and both have been on the market for 2 years. Therefore my plan, is if they are still on the market when I am ready to pull the trigger, they will be ready to deal.

I plan on visiting these two properties asap, with my husband tagging along for his knowledge. Last night I purchased J Scott's "The Book on Estimating Rehab costs" which will be invaluable. I would feel so uncomfortable having to totally rely on a contractor for information.

Once I look at the properties I will post my analysis and look forward to everyone's insight. 

Thanks Carol