Not that i'd want my tenants to have 24 hour access to me by knowing I live in the building, but financially it might make sense to live in the building that you are trying to either rehab or improve on vacancies until its cashflowing like its supposed to.
But for some reason I heard somewhere that you cant live in a building that you buy using a commercial mortgage. I'm having difficulty finding info on the internet to verify that that is true..
Any truth in that?
As long as you meet all the requirements as a tenant and pay the rent , you should be able to . Question would then be how do you evict yourself ?
no mercy. I'll kick my self on the street if I'm late even a day.
Good , never show any mercy .
Yep, there should be no problems if you treat yourself as a tenant and have good clean bank records, etc.
How long would you stay after the complex is back on it's feet.
Well I'd probably either buy another building and repeat, or settled own into my own permanent place away from the apartment and have a pm manage it for me.
I'll cross that road when I get there though
@Samson Kay - I'm kind of doing the same thing for a 168-unit community I have. I stay in the model unit when I'm in town (about 3 -4 months out of the year). One tip for you if you decide to do it:
Tell the residents that you are with the management company. Don't tell them you are the owner. That way you will always have someone else, in their minds, that you have to run things by. You can blame "management" on certain decisions that they might not be happy about. And, lastly, it might save your tires for being flattened should a disgruntled resident get evicted.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing