Convert 8 unit multifamily to MTRs

[Eric Puffenberger]

I am looking to connect with individuals or groups that have taken an 8+ multifamily apartment building and turned the units into MTRs. We are in the process of turning one of our units in our 12 unit apartment building into a MTR. I am looking to hear other peoples stories and strategies. Are you guys turning all the units into MTRs or just a few? Who has sublet to others to let them do the MTR strategy? If you are subletting, do you charge a premium on the the rent? What else would you like to share? 

There is another owner of a 8 unit building that is looking to do the same and we might be helping him get started as well. Trying to learn more before we jump in. Thanks in advance. 

[Conner Olsen]

Quote from @Eric Puffenberger:

I am looking to connect with individuals or groups that have taken an 8+ multifamily apartment building and turned the units into MTRs. We are in the process of turning one of our units in our 12 unit apartment building into a MTR. I am looking to hear other peoples stories and strategies. Are you guys turning all the units into MTRs or just a few? Who has sublet to others to let them do the MTR strategy? If you are subletting, do you charge a premium on the the rent? What else would you like to share? 

There is another owner of a 8 unit building that is looking to do the same and we might be helping him get started as well. Trying to learn more before we jump in. Thanks in advance. 

I was hoping to do that as well in Austin. I wanted to do a BRRRR and with the higher NOI from MTR I thought I could pull it off. I asked a commercial appraiser and they said the cap rate would probably be higher and the total value of the building would be close to what LTR would be. If you are wanting to do a BRRRR on the property you might want to rent to people doing the arbitrage model so it's still LTR on your end.