All Forum Posts by: Evan Kelleher

looking in the 350000 or maybe a little more for a 3 family...rent will hopefully bring in 24-2600 monthly

what is considered a good return on a owner occupied 3 family. Is being able to live for free the main goal or do you wait for a small cash profit on a property

Thanks for all the great responses. I have done a lot of research, and the rent is standard for the area I am buying. As i said, im just kind of looking at worst case scenarios. We have the inspection next week, and if everything goes smooth with that I am going to set up a meeting with the current owner and tenants to go over everything. 

hmm seems like I stated its a 3 family property....I will be on the top floor unit living for free while collecting some cash on top of it. I guess my question should be would you suggest vacating the other units before

So I just purchased my first multi family (3 units) in Haverhill, MA. the first floor unit and second floor unit are already rented out for what the current owner stated is 1400 a piece and claims that the tenants always pay rent and all around good tenants. My question is if this owner lies about these tenants being good and responsible tenants, can I have a lawyer write something up that would hold him responsible. Also, what is he is not telling the truth about how much he is getting for rent? He may in fact be telling the truth, but im just thinking worst case scenario, and I end up inheriting awful tenants. It should be noted that these tenants are not under a lease, they are tenants at will. I already signed the first sales agreement, but have not had my lawyer do his thing yet. Is this something my lawyer will take care of before closing? Anyone who has had a similar experience would be of great assistance.