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Updated almost 10 years ago on . Most recent reply

Starting to look at a multi unit to "house hack"
Ok so I am starting to look at 2-4 unit properties to be a live in landlord. I will be using an FHA for the purchase. I have zero experience. I have a few questions regarding this plan.
First off as I'm learning to do the numbers using the buy and hold calc on here. I've found a few that look good but am not sure if I should use all rents I will recive fully occupied? Or should I put the gross rent as the amount I'll get from the other units? I'll also be renting out any extra rooms in my unit as well.
Another question I have is if I'm looking at a 100% occupied multi how can I live in one unit? Can I ask the owner if any leases are up soon? What strategies do you guys recommend? What pitfalls should I look out for with tenants that are in place?
Thanks in advance for the help guys
Most Popular Reply

I got copies of all the rental applications and I talked to each tenant during showings and inspections. I decided which one I wanted out and had it listed as a contingency (just like financing and inspection) and the seller gave them proper notice. It also means that on day 1 of being a landlord you aren't in a position of potentially evicting someone.