Im such a newbie... but id appreciate the help.

[press]

Id like to buy a 3 family home and rent out each floor as single apartments. this is an idea im losing sleep over..id appreciate all the help givin...just a few questions below...thanks

1. although all homes and locations are diffrent..about how much money is considered enough saved to get the home?

2. will I most likely need a homeloan?

3. when i get the home, how do I get it legit to rent to others or are there any specific regulations I need to consider before renting it out?

4. now im solely responsible for any damages made to the home, is there some type of assistance for homeowners who do not have enough finances for the emergency?

5. do I automatically supply the home with water, electricity,appliances, heat...e.t.c and have it added to my tenants monthly rental?

6. is it possible to sustain a living, landlording over a 3 family home?

[jsdomino]

It depends.

[Puyallup Agent]

This is not lip service or sales speak JSDomino.

You need a good buyer's agent and you need one right now.

[abcharlton]

I used to rent in a very large, older house in Carthage, New York that was divided into 5 or so apartments. My room was originally the kitchen, so I had this humongous brick oven in my living room. It was pretty cool (but tiny).

Anyway, Yes, you can make money by renting out your house, but no, you won't be able to live solely off of that income. The main benefit of renting it out is the fact that your renters pay for your house along the way so that you can own it outright 15 or 30 years from now without having paid for it yourself. If you do end up doing this investment, you are going to need to have money in the bank to cover unexpected repairs and vacancies.

[lylej]

The idea is sound. As far as living off of the rental, I would think it depends on where it is.

[johndale]

You just need a very reliable agent. So that you will be guided accordingly in every way.