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Updated about 8 years ago on . Most recent reply

User Stats

55
Posts
21
Votes
Adam Petterson
  • Investor
  • Saint Paul, MN
21
Votes |
55
Posts

Looking for first multi family

Adam Petterson
  • Investor
  • Saint Paul, MN
Posted

I am looking to get started in multi family property investing and had some questions for the bigger pockets community. I am currently in the process of a cash out refinance on my primary residence that will free up enough cash for my downpayment, closing costs, and an extra $10-15k for a reserve account. I am looking to house hack a 2-4 unit building using and FHA loan with 3.5% down and am looking for some guidance.

-Cash Flow: How much cash flow per month are you looking for on the other unit/units when buying an owner occupied multi family property. Ideally Id like to have the mortgage, insurance, taxes, etc covered by my renters, but with a duplex that seems like a lofty goal. 

-Management: I don't plan on using a management company when I live in the building, but do you build in that fee when looking at properties. I plan to live in the property for 2-3 years, and using a property management company once I move out of the building

-Closing costs: Is the negotiation process similar to the SFH purchase process. Has anyone had success having the seller pay their closing costs on a multifamily property?

-Parking: Do you charge extra if the property has parking spaces specifically allocated of the property or just give an equal amount to all units and build it into the rent?

Thanks in advance!

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