All Forum Posts by: Cody Taylor

@Cody Taylor I think it’s less about the operational aspects of managing a 6-unit, but the financing that carries a higher entrance hurdle. Do you already have a commercial lender lined up and understand the loan origination and maintenance process?

Lending rigors aside, have you researched all the potential licenses required for renting a commercial multi family property in your location?

Thanks for the response @Allan C., I have financing available, however your point about it being commercial financing has me wanting to confirm I can use it for a property like this. I will call and find that out today. As far as licenses I have not looked into that as I had no idea I would need them. I appreciate your response so that I can start looking into these things!

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Quote from @Account Closed:

Quote from @Cody Taylor:

Hello everyone, I am just starting out and have my financing in order to buy my first rental property. With that being said, I believe I have found a good deal on a six unit building that currently has tenants in all 6 units and from the calculator appears to be cash flowing at current rent rate. It appears that the rent rate is low for the area and could be increased once minor renovations take place. I guess my question is would it be wise to purchase this property as a first time buy? Any help would be appreciated, Thanks!

The big question is, and we can't answer for you, will you hire a property manager and pay them 10% or will you manage the property yourself including tenants, toilets and trash?

I would be hiring a management company as I do not live in the area.

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All Forum Posts by: Cody Taylor

Cody Taylor has started 1 posts and replied 3 times.

Post: Is buying a six unit building a good first investment?

Post: Is buying a six unit building a good first investment?

Post: Is buying a six unit building a good first investment?