Anyone on NT own an investment property?

[gottabeem21]

Title says it all.  If you do own or have had experience in owning investment properties, what is your advice to me?  I'm looking to purchase a 3 family home in the city where I live, just had an inspection this morning and it looks to be a little more work than I had thought.

 

[gottabeem21]

Title says it all.  If you do own or have had experience in owning investment properties, what is your advice to me?  I'm looking to purchase a 3 family home in the city where I live, just had an inspection this morning and it looks to be a little more work than I had thought.

 

[rarenikepairs]

I've also been needing advice on this topic. I'm leaning toward getting a two-family home in upstate NY.

 

[rarenikepairs]

I've also been needing advice on this topic. I'm leaning toward getting a two-family home in upstate NY.

 

[tim teufel]

Originally Posted by GottaBeEm21

Title says it all.  If you do own or have had experience in owning investment properties, what is your advice to me?  I'm looking to purchase a 3 family home in the city where I live, just had an inspection this morning and it looks to be a little more work than I had thought.

3 fam? hope you have 6 months in reserves. and atleast 20% as far as down payment. also your income better support that mortgage and any other liabilities you have.

 

[tim teufel]

Originally Posted by GottaBeEm21

Title says it all.  If you do own or have had experience in owning investment properties, what is your advice to me?  I'm looking to purchase a 3 family home in the city where I live, just had an inspection this morning and it looks to be a little more work than I had thought.

3 fam? hope you have 6 months in reserves. and atleast 20% as far as down payment. also your income better support that mortgage and any other liabilities you have.

 

[damedash06]

Originally Posted by tim teufel

Originally Posted by GottaBeEm21

Title says it all.  If you do own or have had experience in owning investment properties, what is your advice to me?  I'm looking to purchase a 3 family home in the city where I live, just had an inspection this morning and it looks to be a little more work than I had thought.

3 fam? hope you have 6 months in reserves. and atleast 20% as far as down payment. also your income better support that mortgage and any other liabilities you have.

yea at least 6 months to a year cash reserves, rentals, especially multi families will suck you dry and a 3 family at that? finding quality tenants is a headache unless you hire a property manager (which would be best) but thats more money out of your pocket, dealing with vacancies, and repairs, not something you wanna jump into until you get your money up... unless you already got money then fine but it would probably be best to start with a single family imo just to learn the ropes before you get in over your head

 

[damedash06]

Originally Posted by tim teufel

Originally Posted by GottaBeEm21

Title says it all.  If you do own or have had experience in owning investment properties, what is your advice to me?  I'm looking to purchase a 3 family home in the city where I live, just had an inspection this morning and it looks to be a little more work than I had thought.

3 fam? hope you have 6 months in reserves. and atleast 20% as far as down payment. also your income better support that mortgage and any other liabilities you have.

yea at least 6 months to a year cash reserves, rentals, especially multi families will suck you dry and a 3 family at that? finding quality tenants is a headache unless you hire a property manager (which would be best) but thats more money out of your pocket, dealing with vacancies, and repairs, not something you wanna jump into until you get your money up... unless you already got money then fine but it would probably be best to start with a single family imo just to learn the ropes before you get in over your head

 

[chadleroy]

my family owns a group of town homes and I manage them.

always have a "fallback" stash of money and I think it's best not to mix your own personal money with money coming in from your property.

honestly the more expensive and prestigious the area/property, the better tenants you will have.

at the same time if you buy higher income, repairs tend to be more expensive.

If you've got the reserves and are confident go for the 3 family but as a starting block I would avoid tying up a large amount of money in multi-family house.

 

[chadleroy]

my family owns a group of town homes and I manage them.

always have a "fallback" stash of money and I think it's best not to mix your own personal money with money coming in from your property.

honestly the more expensive and prestigious the area/property, the better tenants you will have.

at the same time if you buy higher income, repairs tend to be more expensive.

If you've got the reserves and are confident go for the 3 family but as a starting block I would avoid tying up a large amount of money in multi-family house.

 

[gatorbeltsnpattiemelts]

I Have a duplex....I live in one side and rent out the other. So far, so good---tenant is awesome, she doesn't think I own it though, I do all business through my stepfather (property manager) My duplex mortgage is 900 something and her rent is 800.

#bowbow

Texas FTW

 

[gatorbeltsnpattiemelts]

I Have a duplex....I live in one side and rent out the other. So far, so good---tenant is awesome, she doesn't think I own it though, I do all business through my stepfather (property manager) My duplex mortgage is 900 something and her rent is 800.

#bowbow

Texas FTW

 

[gatorbeltsnpattiemelts]

also, in terms of work---luckily, a lot of the repairs were taken care of with my Obama money, so I didn't have to come outta pocket a whole lot. Unfortunately, I wasn't able to save a whole lot like I wanted

But this year, given that ALL repairs/improvements are done I can save more of the rent money i collect, then start work on coppin' another duplex in the next couple of years.

 

[gatorbeltsnpattiemelts]

also, in terms of work---luckily, a lot of the repairs were taken care of with my Obama money, so I didn't have to come outta pocket a whole lot. Unfortunately, I wasn't able to save a whole lot like I wanted

But this year, given that ALL repairs/improvements are done I can save more of the rent money i collect, then start work on coppin' another duplex in the next couple of years.

 

[chadleroy]

Originally Posted by GatorBeltsNPattieMelts

I Have a duplex....I live in one side and rent out the other. So far, so good---tenant is awesome, she doesn't think I own it though, I do all business through my stepfather (property manager) My duplex mortgage is 900 something and her rent is 800.

#bowbow

Texas FTW

 

[chadleroy]

Originally Posted by GatorBeltsNPattieMelts

I Have a duplex....I live in one side and rent out the other. So far, so good---tenant is awesome, she doesn't think I own it though, I do all business through my stepfather (property manager) My duplex mortgage is 900 something and her rent is 800.

#bowbow

Texas FTW

 

[gottabeem21]

I think I'm gonna go through with it... Worst case scenario I have some extra money in the bank and can pay the mortgage with my income even if the units aren't rented.  I'm looking into trying to get a mortgage where you can tie repairs into the loan.

GatorBeltsNPattieMelts did you get a Rehab loan on your duplex in order to do repairs?

 

[gottabeem21]

I think I'm gonna go through with it... Worst case scenario I have some extra money in the bank and can pay the mortgage with my income even if the units aren't rented.  I'm looking into trying to get a mortgage where you can tie repairs into the loan.

GatorBeltsNPattieMelts did you get a Rehab loan on your duplex in order to do repairs?