My husband and I are planning to buy our first home this year and we would like it to be an investment also. We were thinking fourplex, single family home and rent out the basement or having an adult family home? What do you guys suggest?
I think you're on to something. If you listen to the Bigger Pockets podcast, Brandon Turner has some great tips and recommendations on starting out with a small multi-family and living in it while renting out the other unit(s). It's a great way to have someone else pay your mortgage for you if you can find one at the right price and in the right place.
Welcome to Biggerpockets Ruth. I am in STL please let me know if you need anything.
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What are you interested in? Rental property, rehab? One of the benefits of the 4 plex route is if you're willing to live in one of the 4 plex units you would qualify for a good fha/va loan. Rent the other 3 out to cover the mortgage.
If you are truly buying it for investment, make sure that it cash flows if you were to rent the unit that you are living in. I see people buy a multifamily to live in and if they were to actually rent out the unit they are living in, it wouldn't cash flow.
One of the podcasts mentions that basement apartments do not attract the best tenants.
thanks for all the comments. Looking into mulifamily residentials. How did you guys start having income properties? Would love to get some ideas
This are some points taken care by me while I had my first multifamily resident.
Location should be near to town, number of units, rent compare with my monthly income, less down payment & some security factors.
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