Owner Occupied Multi-Family Investment Property Tips in Wisconsin

Multi family investment property

Having an owner occupied multi-family investment property can be an excellent way to create a steady income stream. Unfortunately, living in a building you own and manage isn’t always what it’s cracked up to be! Here are a few tips to help you generate money and keep your sanity while living in a property you also rent out!

Acquiring your property.

Buyer beware. Initial financing to purchase a multi-family building may be more difficult. That is unless you live there to! As an example…. You can use an FHA loan (click here to find out more about FHA loans) to purchase a multi-family building so long as you move in right away and stay there for at least a year. You can also use your anticipated rental income to qualify for a loan.

When you own an owner occupied multi-family investment property, you can rent out the other units, using that income to pay off your loan. In theory, your new property will pay for itself!

Regulations can change all the time, so make sure you are up to date on the requirements! Sparks Property Investors LLC can help to answer any questions you have!

If these walls could talk. Oh wait, they can, and they’re complaining.

Make sure you are going to be comfortable sharing a wall with your tenants. Living in the building allows you to easily tend to problems, however, it also allows you to easily tend to problems.

Tenants may not be respectful of your time, and could potentially come knocking at your door at midnight with a relatively small issue. Make sure your “business” hours are well-known and posted with a special after-hours number for emergencies. On the upside, living in the same building with your tenants will most likely encourage them to be more respectful of the property. You are less likely to have noise complaints if the residents know you are right there on site.

Create a sense of community.

Just because you are renting, doesn’t mean you don’t want to feel like you are at home. Encourage the neighbors to get to know one another and be on friendly terms. This makes communication better for everyone and will help to decrease turnover. People don’t usually move away from somewhere they love.

Bring tenants together through BBQ’s or holiday gift exchanges. Don’t pressure people, but leave the invites open!

Don’t let it go to your head.

Don’t attempt to be the nosy neighbor or get upset if you hear someone coming in late. You are not the local sheriff or the hall monitor. Your tenants are paying good money to feel at home and be comfortable. Nobody should have to walk on eggshells because you are living in the building. You will need to be objective at times and pick your battles.

Unless people are blatantly disrespectful, you will need to keep a level head and not get offended my minor inconveniences of close quarters. In addition, forming friendships or relationships with tenants can turn into a conflict of interest when it comes to tenant-landlord issues or issues with other tenants.

Are you looking to purchase an owner-occupied multi-family investment property? We can help you find the perfect place to help you reach your real estate goals! Let us know what you are looking for here or give our office a call anytime! (262) 288-0580

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