![]() “Multifamily properties are often more expensive than single-family homes, so you need to be prepared for a bigger financial obligation,” says Richelle Taylor, a real estate investor and agent with RE/MAX Results in Brooklyn Park, Minnesota. “That brings a whole new layer to the concept of ‘love thy neighbor’ when you have to enforce the lease agreement and collect the rent from someone you’re essentially living with,” Ryan says.īuying a place with two to four units is not as easy as it looks - especially if you’re not cut out to be a landlord. Of course, the biggest downside is that you’re sharing a wall with your tenants, says Dawn Ryan, a senior loan officer with Embrace Home Loans in Middletown, Rhode Island, who also owns investment properties. ![]() “The biggest reason to buy a duplex, triplex or quadplex and live in one of the units is that you can usually have your mortgage covered by your rent collections,” McManus says. McManus and his wife then purchased a triplex nearby, renovated it, moved in and rented out two of the units. “We fixed up the office, moved into the studio and did a gut renovation on the upstairs unit, which we lived in for a little while.” “I bought a vacant storefront on South Street, a duplex with a tenant living upstairs,” says McManus, a real estate agent with Compass real estate brokerage in Philadelphia. ![]() They weren’t starving – they were house hacking. When Ryan McManus and his wife were expecting their first child in 2017, they slept on the couch in a studio behind his office on South Street in Philadelphia. Buying a multifamily unit and serving as landlord All loans are subject to credit approval. ![]()
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