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Updated about 5 years ago,
Cash out to buy 3 family
Hello all, first time posting here and just starting out into real estate. Bought my first house in 2014 totally renovated it and lived there ever since. 3 bedroom 2 bath 1600 square feet. My father lives with me and my girlfriend so we are starting to outgrow the house. I have always wanted to invest into real estate a little so heres where my story starts!
Found a nice house that had 2 apartments attached to it, perfect! Me and my girlfriend live in the main house, my father lives in the downstairs apartment and i rent the upstairs out. I did a cash out refi on my current house to invest into the new multi family. My goal is to move into the new house get the upstairs rented and get my current house rented and see how it goes. Hopefully well and if not i can always sell my single family house and say i tried!
The new house had tenants upstairs in the apartment for 4 years and when i looked at the place and they said they were gonna stay, since then they have left but i dont blame them. New buyers coming in not sure what was gonna happen so they got out. No biggie, they were not paying enough. Now i will be able to get 300 a month more.
I just noticed last night that they moved out when i drove past and i got a little scared thinking oh great now im gonna have to find a tenant for the apartment and for my single family house. But i guess thats what im signing up for!