All Forum Posts by: Maurice D.

and hard pass on the eviction / 450 score.  you have to work really hard to get down to 450.. like default on everything.

some great suggestions here, however being your first investment you might want to have it close by.  I like @tommy ray's suggestion.  

something I would also consider here is moving to or trying STR ? if your market isn't super saturated it could bring more cash flow. otherwise increase the rent.

Not everyone is born a savvy investor..  hats off to her for jumping into straight into multifamily!

2 br condo, rent the other room? or a small 3 br with roomates?  that is the basic house hack.  later you can find a duplex?

@Waldy Corniel you might want to post your own post in a lender group, or reach out to local lenders.  this post was about is tenants.

First of all, It's not unfair to raise the rent.  They have had the benefit of subsidized rent for a decade or so, now they will have to pay what everybody else does.   Explain to them the rent needs to increase due to (higher mortage, insurance, costs etc) and will be 1,500.  They can stay at that price or move.  (once they shop around they will realize what a good deal they HAD, but it has come to and end.)

Option B.  Fix up the other side first.  Tell them they can have that unit for <Market Price> or they have to leave because you need to vacate/rehab their unit.  in other words, they are getting a nicer unit, but at a price increase.   I like this scenario because it opens up the other unit for rehab, and they might stay in the nicer unit despite the bump in price.

You should be able to, you have a marketable interest in the property, just like a wholeseller in s sense, showing the property after he has an contract on hand.   Talk to the seller to see if he has any problem with showings.   

In my town the ADU's can't even have a toiled. 1 sink. it's not a live in building, more like a shed. Read the fine print and as others have said talk to the zoning folk, a conditional use permit may work, re-zoning is likely a NO/expensive.

Let us know how it goes!

PenFed Credit union does Helocs on Investment properties.