Looking for advice on first multi-plex

[Corey Nielsen]

I found a 3 unit rental property that I’m not sure how to approach.

Here are the facts:

-List price is $125k

-Seller purchased for $104k on a 15yr. in 2011

-2/3 current occupancy

-$1500/mo @100% occupancy

- Could use $15k in repairs

- I have 9.5k @12% interest available on a personal line of credit

I just purchased a property out of state for $5.5k with an ARV of $55-60k.

- My father is a seasoned investor and recommends purchasing on a wraparound mortgage.

I am wondering if this sounds like a doable deal?

Is a wraparound advisable here? I’ve heard this is more of a seller’s strategy?

If it can/should be done this way, how would I structure the deal?

What if the existing mortgage has a due-on-sale clause?

Any other advice/pitfalls I am missing?

Thanks in advance.

This has been a long time goal of mine and I want to make sure I’m starting off right.