Advice for renting my property to buy a multi family
I've owned my home for 2 years and started renovations on it. As the renovations were underway, we started having minor structural issues that have put all renos on hold until we discover what needs to be done. The house is perfectly livable, we just know that it's going to be very expensive to repair and it's putting a hold on other investment opportunities because we were planning to rent it, pull out the equity and buy a multi family. We were planning to live in one unit for a year, do upgrades needed to the multifamily then , repeat. My question is...is it ok to put tenants in our current property and move forward then come back to the repairs once our cash flow is more solid and we have a bigger team of people to do the work?
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#1 Creative Real Estate Financing Contributor
- Lender
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@Heather Brookey I mean, sure, as long as your tenants are ok living in a property with incomplete work and structural issues.
@Heather Brookey the issue would be health and safety and what kind of liability you, the owners, would be taking on if you left the issues unrepaired. Can you elaborate on what the specifics of the structural issues are?
