All Forum Posts by: Evans Wright

My question is how would you handle moving into a 2-4plex that you have purchased if there are no vacancies?

I recently contacted a property owner and that was selling a 4plex and asked him if any of the units were vacant and he said no but you could post a 30 day eviction notice to one of the units. If you take out a 203k or FHA loan you have to move into the property. I know its business but buying a property to immediately kick some one out does not seem like a good way to increase your reputation especially amongst the other tenants and would be an awkward conversation to have with that tenant.

So how do you decide who gets to go and who gets to stay or are there any other avenues of approach to handle the situation that would help alleviate problems?

Thank you everyone for the great feedback. I do think $600k is quite steep asking price for my market so I will get with a realtor to check comps and what not.

Hi Eveyrone,

So I am brand new investor and thinking about pulling the trigger on a quadplex.  Here are some of the specs: Built in 07, 2 bed/2.5 bath, 1372 sq ft.  When originally appraised the owner said it was $167.5K per door when he built it and is asking $600K for the whole thing.  Right now he is charging $1000 a month to and said the rent should be raised to $1200.  According to those stats im assuming it fits the 1% rule for what he paid to build the property.  

My train of thought right now would be to take out a VA loan with no money down and live in one of the units until I move away. So considering this is my first property I have looked at and still have a lot to learn I am looking to you all for your thoughts and is my course of action the best way to take or are there better options.