Creative Inspiration for Multifamily Investing

5 Replies

Hi everyone! I'm very interested in purchasing a multifamily property and I want to house hack it! I am curious to hear about the most creative ways that the members of this community have found multifamily properties. Thank you for taking the time to enlighten a fellow investor. 😁

Hello Bill! I believe that house hacking is the only single roof home and it must have 3 or 4 units so the tenants rent might come close to covering you debt payment. Otherwise, I would say to look at apartments is where you need to be. The fewer units you own the bigger percentage you will have with any occupation. The more units you own, the less stress you will get upon one vacancy. You need about 30 units to have enough income to hire a Property Manager or a Property Management Company. Consider asking an individual owner about their interest in home financing. They may want to spread their income or having to report it all one year after closing. Show them on paper how they might make more money doing that and report income over the life of the loan. It's usually easier to get and more negotiable. There are many ways to find one that is available from "driving for dollars" to FSBO signs, to paid assistance, from an Agent that might give you a good deal before it's on the MLS, or somebody's software that will help you that is for sale. Shop around to find the best lender that suits your needs. Be aware of their fees. On the first few deals just do what is average in that area. Do not assume that anything will happen when you are responsible. Do not try anything fancy. Good luck to you!

Michael, thank you for your response.  I am intrigued by house hacking because I love the idea of creating a situation for oneself that has the potential to severely bring down the cost of a mortgage payment.  Then within 1 year move out and hold the property and move another tenant in to occupy the unit.  I'm also interested in rehabbing the property I want to be completely immersed in the environment.  I have been creating systems as far as DMM and driving for dollars since March.  I'm ready to rock and roll!