My goal is to purchase my first multifamily rental. I'm worried I'll get the numbers wrong: what if I pay too much, then get the rehab estimates wrong? I've never hired a contractor before, what if he screws me. Then what if the rental income for the area isn't enough to cover it, even with house hacking? PITI plus repair reserves and utilities etc.
What if I don't qualify and this optimism is all for nothing.... I only make around 50k, 750 credit score, planning to use fha 203k to buy a tri- or quad... I feel like other people are making it happen with less, but maybe I'll ruin it somehow.
Should I apply as section 8 or rely on a service to vet cash tenants?
Honestly, I didn't even have these concerns until this dream became more of a reality for me. I'm trying to make this purchase in <18 months.
I know the answer is doing my due diligence and getting confident about the numbers. Work with a realtor and find a mentor. Learn the laws of landlording and just take the leap.
I'm soooo excited, but I also know that this is a big move with possibility for error, increased by the number of units.
