Owner move in evictions South Bend, Indiana

[Darius Lipsey]

Hey, BP!

So ideally I'd like to buy some type of multi family property as my first investment most likely a duplex, but a triplex, or fourplex would be even better in my opinion for cash flow. Icurrently live in an apartment and rents are just too high to justify throwing away anymore money on living with nothing to show for it. I love the idea of house hacking  considering I could finally move to the investor side of the market while cutting my living expenses. I do have financing lined up which requires the property to be owner occupied which is the goal, but most of the properties that I'm seeing for sale are occupied by tenants. Or complete wrecks. I'd rather avoid buying a property that needs a full remodel because I don't have the cash around for that nor the means to do a ton of repairs myself. I'm not sure how to go about or even if i can use the bank financing I have to purchase a place that must be owner occupied within 60 days of purchase. I've read about owner move in evictions in California and other areas, anyone know if that is a thing in Indiana? Or if leases could be renegotiated with tenants after closing? I don't want to put people out on the street, but at the same time my apartment lease is nearing its end and I don't want to be on the street either. Nor do I want to re-lease and continue pay absorbinate rent for lack luster living. Any suggestions?

[Aaron Linden]

Darius Lipsey you are describing the majority of the housing stock in south bend, especially in gentrifying neighborhoods. These areas, as I am sure you are aware, have traditionally been not so great areas so the houses are vacant or trashed or both. It is our purpose as investors to buy these at good enough prices we can fix them up and provide good clean safe housing for people. This is how I am adding value these days. In this market if you are a new investor and looking for a rehabbed 4 plex and to pay under market value I believe you are not realistic in your expectations. Figure out how you can provide value to people in South Bend and you should have no problem making some money and meeting your goal of not having to pay rent anymore.