What’s the best investment strategy?

[L. Brown]

I am new to investing and would like to house hack. I came upon a property that I initially thought of as a house hack. It is a 2 family and I would live in the in law suite in the basement. Both units are occupied and below market but would still cover the PITI. Sweet!

There was an open house and the tenants were there. They complained about the owner (landlord), and said there was mold in the house and they reported it to the city. They were definitely disgruntled. It seems like there are other issues (Leaks). When I spoke to the owner, he said the tenants threaten him, curse at him and he just wants out. Their leases end in March.

The mold issue would have to be addressed-not sure how much that would cost- and not sure I want live with baseline irritated people.

Option 1: buy the property, House hack, evict current tenants, mold remediate/renovate ($$?), and rent to new people

Option 2: master lease agreement, don’t live in it, improve management, create equity through renovating/renting at higher prices, and buy the property with equity

Option 3: anything else I haven’t thought of!

[Joe Villeneuve]

Originally posted by @L. Brown:

@Joe Villeneuve thanks, I definitely have thought about moving on, I just don’t want to miss an opportunity and the right deal can be hard to find in my area. But you might be right, especially for the first one.

 No "might"...and not just because it's the first one.  Learn to recognize that "deal".  Hard to find in an area just means look in a different area.