All Forum Posts by: Stephanie Minor

Thank you @Sue Kelly and @Rita Bautista!

The professional/commercial unit downstairs is a pair of dentists. 

Thank you for letting me know what lenders are looking for as well in these situations. I have researched rental rates in the area, and it appears that there is a high percentage of long-term renters. I'll have to look into whether the reasoning behind that is the high price of homes in the county, or if this neighborhood has more rent stabilized apartments.

If you think of anything else I should look into to build my case either way, let me know!

@Arlen Chou thank you for the wise words regarding rent control and rehab. 

The property has potential to bring in more rent once it gets a facelift, but I'm not sure how that's possible with tenants already occupying the space. At least with the professional unit, there's the possibility of getting in some time to complete work while the office is closed I guess. Beyond that, I guess I'd really have to weigh it.

I think I have an idea of vacancy rates in the area, but not enough to make me 100% confident that I'd fill an empty property quickly. Maybe I should give myself (and the property I choose) some more credit though :)

Thanks again!

I'm new to REI and have started looking into my options for a multi family home to rent out. What are people's thoughts on purchasing real estate that is already occupied by tenants? I can see a con being that the tenants may not be ideal. I could see a pro being that I wouldn't have to start marketing right after purchase. What about rehab/increasing value if there are existing tenants? Raising rent? For an example of one of the properties I've looked at, there are two professional tenants on the first floor, and a two bedroom on the second floor - both are month-to-month without leases.

Thank you @jamesihssen :)

Haha! Thank you for understanding Michael :)

Thank you David! 

Thank you Skylar!

Did the terms of the loan require you to live in the home for 6 months to a year? And if so, did you stay after that time because it was working out well, or did you serve your time and move on while continuing to rent?

Hi everyone!

I just wanted to introduce myself. I'm new to BP and REI, but am very excited to learn more about both!

Maybe there will be a house flip or two in the future, but I'd like to start off with rental properties.

I know a lot of you started out investing in real estate by purchasing an owner occupied multifamily home and renting out the other units. Can some of you share your experiences in what that was like? I'm fine with horror stories too - I can take it!