All Forum Posts by: Ben Raptoulis

Hello Bigger Pockets Community. I am currently working on moving into my first investment property, a 4-unit builiding with 3 currently occupied units each of which consist of 2 bedrooms. The current rents are easily below market value by at least 100-150$ per unit. I am debating raising each rental rate an additional 50$ when I occupy the property and also splitting the water bill (water bills that recieve water from Detroit Water Department are outragous due to many people not paying their bills.) I would love to continue to offer this service but with bill that ranges from 250-300$, that is an expense that I may have to split. Does anyone have any experience with raising rents and or splitting more bills after you become a live in landlord? Would you push the envelope immediatley or wait a bit and develop a strong relationship with the tennants?

Thanks Frank. I agree with you on the attorney subject. Will a CPA be able to help me with tax reporting? I am fairly unsure of how this process works. 

Greeting all,

I have just finished up a purchase agreement on a 4-unit fully occupied building that I will have to owner occupy because of FHA requirements (one unit is in the process of eviction.) I am in the underwriting process currently for my loan but am unsure of what steps I should take next to insure that I LEGALLY close this deal. I understand that I need to get it apraised, inspected and have all loose ends transfered to my name. Should I hire an attorney to oversee the deal? An accountant to advise me on how to legally collect my tennants rent money? Any insight will be greatly appreciated.

Hello all, I am currently in the process of purchasing my first eve multi-family home. I have been approved for financing with an FHA loan but my banker made the point that FHA is ONLY allowed for 2-unit homes. This house was forclosed on and it appears that the previous owner was in the process of making it a 3-unit home. He/She never finished and I was wondering how this would be zoned by the city. Do I have an option of zoning at as a 2-unit because the thrid unit is only half finished? Can I turn it into 3-unit over time? I am not sure how the zoning process works and I guess it depends on the city but any help from someone who has experience purchasing these types of properties will be much appreciated!

Congrats on joining the real estate market! I myself am new to the industry and am looking to aquire multi unit properties than slow shift into commercial real estate aparment buildings like yourself. If you have any ideas or questions my direct email is  Feel free to contact me at anytime. Good luck!

I am looking to purchase my first house in the next few months and I am strictly looking for multi family homes. What has interested me the most is the quadplex units given that could provide the highest monthly income. Hoping get some information from people who purchased one of these types of units as there first home or even people who have good or bad experiences with multifamily housing.