Purchasing Owner-Occupied Multi-Family Home Investment

[Jeremy Sanders]

When purchasing your first Multi-Family Home Investment as an Owner-Occupy, does the manufacture year of the home range apply?  Example if its newer than 15 years or older than 35, would it be an initial bad investment, especially if you have to rehab the property?  Has anyone experience with working with 203K's when purchasing Single Family or Multi-Family Homes?  Also could anyone provide their experiences with investing in Multi-Family homes in general?  For Instance: What worked for you, The mistakes you encountered, & What you found to be Successful?  How to estimate Rent?

-Thanks Guys In Advanced 

[Alex Brookbank]

@Jeremy Sanders Use the stacking or "open house" model. Once you place your listing online and people start responding, tell everyone that showings are available between 12-2 this Saturday. Don't try to set up a private time for every person... you'll get burned out. Only half the people that say they are gonna come actually show up... or skip it and want to show up next week, etc. Also, when potential tenants are coming and going, they see each other and it creates excitement/demand. I call this phenomena "artificial demand" ... haha. I am tweaking the supply demand curve by making my property appear more desirable.

I've also learned to do online applications. They fill out the applications online and a third party runs the credit check and background check for me. Plus it makes tenants feel more secure(because they don't have to fill out a paper application). And it's delegating by building better processes so it is a win win win.

I just try to listen and be a strong communicator, that's really the key. My most recent showing had a horribly ugly outdated kitchen with wood-paneling. But my pitch was that that's why the rent is lower for this unit then my other units, it's not the cutest but it is functional. If you're okay with not having an updated kitchen/bathroom, but want more space, and an affordable rent, then this property could make sense for you. I just try to communicate the truth of the property/neighborhood.