A small multifamily property is a smart choice for a first investment—it offers a great balance of income potential and manageable scale for someone new to the space.Don’t worry about being ambitious; it’s clear you’ve done your homework, and you’re already ahead of the game by setting a clear goal.

Howdy Alex,Welcome to Conroe and best of luck on your new journey.Wishing you success ahead!

After listening to hours of the different BP podcasts, I decided to just go ahead and join so I can have more community for guidance and learning and moving towards my first deal.

Hi Delroy,Congrats on your 2-flat purchase—exciting times ahead!

If you have a good FICO, a decent down payment and closing costs, go ahead an do the first one. 

You’re already way ahead by getting started young—keep going!

@Fareen E.Great question, and it’s excellent that you’re thinking ahead about this scenario.

So repairs are done at a fair price the same day/night.

I recommend you budget 5% of the gross rent (for the whole place, even what the rent would be if you were living in it as a tenant) for repairs and 5% for capital expenditures.

The big opportunity here is creating a scenario where both parties come out ahead, especially in situations where the seller might otherwise walk away with little or no proceeds.If you’re considering moving forward with this kind of structure, I’d be happy to assist with running the numbers or exploring funding options to make it happen.