All Forum Posts by: Tee Ward

Thank you!  I'm finding that many of the homes in the area have been updated and have multiple bathrooms and updated kitchens. I would most likely  have to adjust rents which would be difficult at the current asking price. It's not the best area, but I like it and see the future potential there. Still thinking it through.

I'm having second thoughts on a property I was ready to make an offer on.  It's a 2 unit property. The basement of the property can only be accessed through the lower unit which is 1 bed/1 bath.   The upper unit is 3 bed/1 bath on two levels. Two bedrooms on the top floor, and 1 bed and bath on the main level off the living area.  I planned to live in the 3/1 for a few years, do some upgrades, and then eventually rent it out. 

Initially I didn't think much of the bathroom being downstairs.  I grew up in a house with the same layout and I come from a large family. It was the norm for us for many years.   I ran the scenario past a few friends and they all said they would prefer a bathroom upstairs near the bedrooms and they probably would not be interested in renting it for that reason, especially at the rate I hope to rent it out for.  One of my friends thinks the set up will seriously limit the pool of potential renters and the amount of rent I can get. 

The bedrooms upstairs are on the smaller side.  I thought of adding a half bath in one of the bedrooms.  However, the bedrooms do not appear to be over plumbing below so that might be very expensive. 

Any thoughts or advice on this scenario?  

Thank you for the replies. The units are separately metered. There are tenants on a month to month lease in the unit I would like to renovate.  They said they have outgrown the place and are ready to move soon.  But something is telling me that I may have issues with them.  My agent says that I can give them 90 days to vacate. I'm so nervous about making an offer.  The place is still available but most likely not for long. I would prefer a vacant property but there are very few multiunit properties available right now. The really nice multi units go under contract in a couple of days.

I'm a first time homebuyer. I want to do something that I'm not sure has been discussed here. I found a multi unit 2 unit property that I'm interested in. I can afford the mortgage myself, its less that I currently pay for rent. I'm not sure I want to do a house hack situation. I just recently started getting interested in real estate investing, so I feel like I have quite a bit to learn. I would like to live in it for a few years, then buy and move to another property (possibly another multi- unit or a SFH), but keep this property then rent it out. Has anyone done similar or is this just a terrible idea? What are some things I should consider if this is my plan? The property is separately metered, so I think that's one thing I have to consider- paying double utilities unless there is a way to switch over to one bill.