House Hacking Small Multi family property
Hello,
So my journey for my fiancee and I to finding a small multi family property in the Rhode island market has been tough. The properties on MLS are far to high upwards of $230K for a 2 unit property and $260K for a 3 unit property. Off market, I am not getting a lot of bites or phone calls. I sent out mailers all of June and have not gotten much of a response either. I wonder if I should continue to send out the mailers if I have not received a response rate to have the confidence that this is working. Should I target single families instead? The market for multi families are very low right now. Any advice?
Most Popular Reply
Hi Raymond,
I can't speak for buying multifamily in the Rhode island market, but have you looked into purchasing a single family with the ability to convert it into multiple units?
My wife an I bought a home and converted the property into a legal duplex. This gave us the greatest rate of return, but it was also easier to find a single family to convert than it was to find an already legal two unit property. As for your off market mailers, often times people quit before seeing results. I'd say stick with it and maybe even put more effort into it and you will be sure to find something.
Have a great one and good luck to you both.