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Updated almost 10 years ago on . Most recent reply

User Stats

84
Posts
9
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Adam Spencer
  • Ypsilanti, MI
9
Votes |
84
Posts

Starting to look at a multi unit to "house hack"

Adam Spencer
  • Ypsilanti, MI
Posted

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

User Stats

129
Posts
96
Votes
Samantha Hiscock
  • Investor
  • Barre, VT
96
Votes |
129
Posts
Samantha Hiscock
  • Investor
  • Barre, VT
Replied

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.  

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