All Forum Posts by: Nhia Yang

@John Van Uytven Thank you for the feedback, John! What were some policies reinforced from the property you stayed at which were effective and ineffective in yielding the type of tenant behavior you were needing? Also, how strict were you on tenants missing rent payments? Do you let the first time slide? 

I found a small multi-family property (4 units, 2BR/1BA per unit) and it qualifies for FHA financing. I am thinking about living in a spare unit (the other 3 units are currently renting at $550/mo each). Has any of you lived onsite as landlords before? What were your experiences and suggestions for me? I have 3 children and currently renting right now, but my primary concern is the safety of the neighborhood. What are some things to look out for/ask, or tools any of you use to measure how safe the neighborhood is before living in as a landlord?

I will go view the property next week, but the usual things I look out for are: vandalism (on streets, homes, cars), upkeep/maintenance of the neighborhood (trashy? or well-maintained lawns), elderly people outside/people jogging/walking dogs, how comfortable residents seem (do people's homes have garages opened? How many outdoor furniture are on porches in good conditions?), and lastly, I ALWAYS use "spotcrime.com" to determine the crime rate of an area. 

What are some things to look out for/ask, or tools any of you use to measure how safe the neighborhood is before living in as a landlord? Any feedback is greatly appreciated!

Guys, the seller got back with me this morning and explained the property is currently under contract, she just didn't update the site. Although things didn't go as I hoped, I'm not going to stop here. Right now, I am working with another seller (retired owner of multifamily property) wanting to sell studios and 1BRs who's is willing to do seller finance if I purchase multiple units. We'll see how that goes. Thank you all so much for your help as I have learned a great deal from just this one package.

Guys, the seller got back with me this morning, and said the property is already under contract, the seller just didn't update the site. I am happy even though this didn't work out as I hoped, I still learned much from this one situation. Thanks everyone! 

 Thomas, I truly appreciate your taking the time for this well-thought advice (especially the legal side of it). The different closing scenarios you provided are most insightful and I agree with you, others (realtors and brokers) will most likely not look out for my best interests and I'd have to learn all this the hard way. For that, your input means so much more.  That said, I have already reached out to the seller regarding seller financing and still waiting for reply. I can actually put the 10-15% down too, if seller agrees. I will keep you all posted.

 I really appreciate your help, Roy.

These 3 buildings are the 3 properties for sale, so I'm assuming it'll have to be a single commercial mortgage.

However, I have reached out to the seller asking how they are listed on the deed (as separate units or half). I will keep you posted. Thanks so much!

 Hi Anthony, thanks so much for your suggestion, I'm currently looking around locally (community banks/credit unions) as you advised. I will keep you all posted.

Todd, these are the units. Thanks so much for your response, I have asked the Seller per your question and will keep you all posted.

I found a combined multi-family property package (3 duplexes) for sale by owner. I'm aware residential loans cover single-family homes up to 4-unit homes, and commercial loans are for 5+ unit homes. My question is, since the owner is selling 3 duplexes (all at the same location), will I need 3 residential loans for each duplex? Can I just get 1 residential loan to cover all 3 properties since they're just 2 units per property? Or, am I required to use a commercial loan for all 3 duplexes (6 units total)? Any advice is greatly appreciated! Thanks, Nhia.

I'm new to REI but starting out with "buy-hold" strategy specializing in small multi-family properties. I found a combined multi-family property package (3 duplexes) for sale by owner. I'm aware residential loans cover single-family homes up to 4-unit homes, and commercial loans are for 5+ unit homes. My question is, since the owner is selling 3 duplexes (all at the same location), will I need 3 residential loans for each duplex? Can I just get 1 residential loan to cover all 3 properties since they're just 2 units per property? Or, am I required to use a commercial loan for all 3 duplexes (6 units total)? Any advice is greatly appreciated! Thanks, Nhia.