I'm 27 years old and I'm in the beginning stages of real estate investing where I'm reading and listening to every podcast possible! At this point I am still learning but I just pulled the trigger on a duplex for my first investment 2, 3/2 units in North Miami, FL (33161) for 270k. I received a FHA loan with only putting 3.5% down. We currently decided to purchase rather rent because we were tired of just paying off someone else's mortgage and so we wanted to start making our money work for us. We work full time jobs (shift work). My wife and I are in the process of taking online real estate courses but working full time jobs and three smaller kids, its difficult to complete and retain information.The goal is to start small and then invest in more multi-family home. One unit is already rented out for $1325 and we plan on moving into the vacant unit, while making upgrades and repairs. My goal is one year of upgrading to bring the value of the property up, moving and raise the rent to $1750-1800 for both units (My realtor suggested those number because of the area and comps)
I qualified by myself for the loan so that it enables my wife to seek a loan for the next rental property. We both have decent paying jobs but we also have three little kids that we support so we aren't able to save a great deal. We plan on spending no more than 10k in upgrades and remodeling on this property. I am no general contractor or handyman but that is our goal considering the condition of the properties.
I would like to advice about things to come with being an Landlord?
Different ways I can improve the value without spending a ton of money?
Was that a good idea to get the FHA loans separately?
Any decent handymen or contractors in the North Miami area (33161)?
Links of podcast or readings that will better help me?
Any and all advice period?
