I'm a new investor looking into multifamily houses, Any advice, tips or suggestions. I currently live in Newark Delaware and plan to live in one portion and rent the other(house hacking). Please reply with any tips or suggestions what I should consider moving forward looking into these properties.
Welcome @Jarrett Shippen . You will find tons of good resources on this site about house hacking and multifamily properties. I believe the ideal is that the rent from the other unit(s) will completely cover the monthly expenses for the whole building and the mortgage. It's going to come down to learning how to run the numbers on property and will vary somewhat depending on many factors. I recently read the ABCs of Real Estate Investing by Ken McElroy and that gave a basic breakdown of how to value multifamily properties. I would suggest trying to meet up with local investors in your market and figure out from them how they are doing it. I would also recommend the podcasts, they're great.
Welcome to the vibrant BP community. Your time here will be well spent.
Below, are a couple links on multifamily units for your review.http://www.biggerpockets.com/renewsblog/2014/07/19/how-to-buy-a-duplex/ (guide to buying a duplex)
https://www.biggerpockets.com/renewsblog/2015/11/16/how-to-choose-areas-multifamily-deals/ (Choosing multi-family deals)
Now that you have made the move, below are some links that will help with the navigation of the site.
- How to Use @Mentions on BiggerPockets
https://www.biggerpockets.com/real-estate-investing (Ultimate beginner's guide to REI)
Before your 1st purchase, please ensure you visit the below link for some tips.
REI books suggested by BPers
https://www.biggerpockets.com/renewsblog/2015/11/13/7-real-estate-books-beginner-investors/ (7 absolute must read books for beginner REIs)
Simply, bone up on the areas that you need to expand knowledge in such as, Forums, Marketplace, Learn, Network, Analyze and Resources.
Feast on the Podcasts, #askbp Podcasts, blogs and webinars
Lastly, this site thrives on interactions and as such we encourage two way exchanges and look forward to educational, thought provoking ideas relevant to REI.
Welcome to BP! Make sure that you do you due diligence when purchasing a multifamily. A lot of the former years QE money has found its way into the multifamily arena. Thus, there is a herd mentality of driving prices to levels that don't make sense. There are still deals out there but they are very hard to find.
Welcome to BP Jarrett! You have found an awesome place to connect and get advice. In box me if you want to get together for coffee and talk real estate. I live and work very nearby (ie. Elkton, MD - Wilmington, DE).
Hi Jarrett! House hacking is an exciting endeavor. I would love to house hack as well. The inventory is pretty non-existent in New Castle County at this time, but there are also some fantastic opportunities for owner-occupants of Multifamiies right now.
If you haven't already, connect with @Jeff Giffin. He organizes some meet-ups with biggerpockets investors here in Wilmington. DE.
Make sure you analyze it like a house that you weren't living in so if you ever move out you can keep it as an investment property as a backup option
@Jarrett Shippen Welcome to BP! I would suggest reviewing as much information on becoming a landlord. I would also recommend using your keyword alerts for landlord to figure out the dos and donts. Bp is a great resource for your real estate needs.