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Old 11-16-2007, 01:17 PM
 
22 posts, read 61,281 times
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Over the past few wks, I've looked at a few multi-family's (6 unit) and I'm ready for the challenge. Most multi's were fully rented at $400 a mth and I'll easily have cash flow. The owners want to get out for personal reasons. What advice can you give me? I forgot to mention, I have a condo that's rented now, so I'm already dealing with tenant issues=)
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Old 01-07-2008, 08:50 PM
 
Location: Maryland
1,667 posts, read 8,714,003 times
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Been there, done that. There's some serious money to be made in multi-family housing. Also, mine are in Maryland. Laws change depending on number of units. Over 3-units need off-street parking and fire monitors, lead-based paint inspections, and insurance. With 6, you may need to consider handicap accessability, landlord/tenent arbitration boards, and things like that. It mainly depends on the State your unit is in. What I'd do... ask other multi-family landlords and an attorney. Get a copy of the current lease and have your lawyer examine it. It will probably be obsolete, as laws change continuously. I bought a trailer park once with 47 units. I went door to door and ask what they thought was a problem there. Generally, there were a couple of units causing all the trouble, and trash was piling up. I put in a large dumpster and put out a couple of renters and wrote a new contract. People knew I wasn't afraid to evict, and most people were happy to have a "new Sheriff in town".
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Old 01-10-2008, 01:03 PM
 
22 posts, read 61,281 times
Reputation: 17
Quote:
Originally Posted by ESFP View Post
Been there, done that. There's some serious money to be made in multi-family housing. Also, mine are in Maryland. Laws change depending on number of units. Over 3-units need off-street parking and fire monitors, lead-based paint inspections, and insurance. With 6, you may need to consider handicap accessability, landlord/tenent arbitration boards, and things like that. It mainly depends on the State your unit is in. What I'd do... ask other multi-family landlords and an attorney. Get a copy of the current lease and have your lawyer examine it. It will probably be obsolete, as laws change continuously. I bought a trailer park once with 47 units. I went door to door and ask what they thought was a problem there. Generally, there were a couple of units causing all the trouble, and trash was piling up. I put in a large dumpster and put out a couple of renters and wrote a new contract. People knew I wasn't afraid to evict, and most people were happy to have a "new Sheriff in town".
Wow, alot of solid info... thanks.

I decided to scrap the Multi-family route after speaking with a local investor at my real estate group and I'm going to focus on single family homes. I'll pick up my next property within 2mths=)
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Old 01-10-2008, 01:26 PM
 
27,328 posts, read 56,010,135 times
Reputation: 21695
Quote:
Originally Posted by GahannaMix View Post
Over the past few wks, I've looked at a few multi-family's (6 unit) and I'm ready for the challenge. Most multi's were fully rented at $400 a mth and I'll easily have cash flow. The owners want to get out for personal reasons. What advice can you give me? I forgot to mention, I have a condo that's rented now, so I'm already dealing with tenant issues=)
Aside from the normal closing stuff, I would insist on an Estoppel letter and be sure to review all the leases... don't make the previous owner's problems your problems, unless you can buy it right.

First impressions are extremely important when assuming the management responsibilities for an existing building. You need to be professional and I've found open and honest communication with residents from the start sets the tone of the future relationship.

No one likes to be kept in the dark... especially when it concerns the roof over their head.

Good Luck.
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