All Forum Posts by: Mitch Price

Wow Doug! That is exactly what I am in the process of doing! I'm looking at properties now to purchase to my first one. It will be a multi-family as well. Since you just did it Id love to get tips from you, if possible. I have a mentor the main thing is to have a team put together: contractors, managers, handymen, agents....that's key!

I am in the process of getting ready to qualify for my first investment property. My plan is to 'house-hack'! Purchase a multi-family (duplex, tri, or even quad) property live on one side and rent out the other(s). I would love perspective on what I need to comfortably move on a property with good numbers. I have spoke with several lenders and they put me on the right track (as far as getting the property), but I want the investor's side (the things they don't tell you when aquiring a multi-family property) of what I should anticipate. And what I should have put in place to be confident and successful.

that makes perfect sense. That is exactly what I intend to do. As far as renovations, for like major things that may need to be repaired or upgraded during the inspection (example: roof, new floors, plumbing) can the 203k loan be utilized? Would it be wise to use it?

hi @John Cohen I'm currently in the process of prequalifying for my first Multifamily. My plan is to own/ occupy and rent out the other unit(s). My main thing is that I want to be ready! Meaning not vulnerable to anything that WILL come up. I using traditional FHA. I just need to know what are ways I can really prepare myself?

hi I'm Mitch. I'm here in Atlanta as well just starting out. Everything you mentioned states that your a pretty responsible person and off to a good start. I know a few people I know well who fix and flip! I have no problem introducing you to them. I myself am not starting out flipping. I'm leaning more towards 'house hacking'. Let me know.

@Lisa Kohl Thx! I'll definetly check that out. I appreciate that.

thank you all for the great advice.

Hello, my name is Mitch. I am currently in the process of qualifying for my first investment property. It will be a duplex where I will own/ occupy and rent out the other side to a tenant. I have a few question though in regards to preparing for the tenant. 

1. Should I buy for maximum equity or more so cash flow (I'm thinking ca$hflow, I could be wrong)?

2. Being young, should I consider bring in a property manager and not let the tenant know I own the property or be "hands on" and manage as much as I can myself to cut down on overhead? 

3. In regards to lease, is it more attractive to have a month to month option or ironclad 6-12 month lease? And once tenant is in place should I continue to market the property just to make sure it is all ways occupied? 

Please let me know if someone has any experience with this situations. Thanks in advance. Your friend, Mitch.