All Forum Posts by: Valerie King

Thanks again @JD Martin

Thanks @JD Martin!

In my basic Zillow searches, I've noticed that some multifamily residential properties have "registered with the city" in their property descriptions. If you own a multifamily property, should it be registered as such with the city, even if it's four units or less? Does it need to be registered if it's house hacked/owner occupied?

If you're buying a residential multifamily property that you'll be living in yourself, is homeowners insurance the same as it'd be if you were purchasing a single family home for yourself, or does the fact that it's occupied by tenants alter the plan and premium?

I've always wondered what landlords who, say, house hack a multifamily and/or manage their property(s) themselves do when they're out of town. What's the best way of handling vacations, keeping potential tenant/property emergencies in mind? 

I'm looking for a real estate agent experienced in investment properties. I'm looking at duplexes through quads with homeowner/traditional financing in the greater Detroit area/southeast Michigan. It'd be ideal to work with a buyer's agent who knows what they're talking about when it comes to multi-family properties, not the traditional single family agent. Any leads on where I should look?

Also, of course, someone who's responsive/reachable and punctual.

Thanks in advance.

Valerie

Aside from making sure I have a solid education with respect to investing, I definitely want to make sure I have a solid amount of savings before I get started.

I'm planning to invest in a duplex, triplex or quad as my first home and first real estate investment. How should I determine how much to have in the bank before I buy?

@Steve Vaughan Thanks for the insight. Great to hear from someone who is already doing this. I'll check into the whole community property state thing. I'd never heard of it and appreciate you bringing it up :)

My boyfriend and I both still live at home with our families. Our plan is to each take out our own loans on multifamily homes, which we will house hack. So he will have his and I will have mine for at least a year to satisfy the occupancy requirements. That way we'll benefit from the perks of homeowner loans on our first homes/investments as opposed to buying a single family home together first and then having to invest in buy and holds the investor way and put more money down/have a harder time getting approved.

The question is: Can/should we make these purchases and take out these loans in our own separate names before we get married, or can it be done after we get married as well? 

If it can be done after we get married, one of us might buy a multifamily in one of our names pre-marriage. Then once a year has gone by, we would probably get married, look for the second property, and move into it together, with the other one of us taking out the homeowner loan on it. 

I'm still educating myself on investment and saving up for my first multifamily property, which I plan to house hack for at least the first year. 

With that said, aside from lease agreement details, what should I ask an attorney about when I've actually purchased a property and am entering into the tenant stage? What paperwork/information is important for me to bring to the meeting? And should I be consulting with an attorney for landlord purposes after purchasing a property, but before seeking tenants, or at a different stage in the investment process?