Having an owner occupied multi-family investment home can be an excellent way to create an income stream. However, living in a building you own and manage isn’t always easy! Here are a few tips to help you make money and keep your sanity while living in a building you also rent out!
Acquiring your dream property in Kansas City.
When it comes to financing the purchase of a multi-family building in Kansas City, it can be a bit challenging initially. However, living on the property can make the process easier. For instance, you may be eligible for an FHA loan if you plan to reside on the premises immediately and for a minimum of one year. Additionally, you can use the expected rental income to meet the loan requirements.
By owning an owner-occupied multi-family investment property in Kansas City, MO ([market_zip]), you have the opportunity to rent out the additional units, leveraging that rental income to cover your mortgage payments. This approach essentially enables the property to become self-sustaining and pay for itself over time!
Stay informed about the ever-changing regulations in Kansas City. It’s essential to keep up-to-date with the latest requirements. Reach out to Faithful Home Buyers KC LLC, for expert guidance and answers to all your questions!
If these walls could talk. Oh wait, they can, and they’re grumbling.
When considering real estate investments, it’s important to weigh the benefits and drawbacks of sharing a wall with tenants. Living in the same building provides easy access to address any issues promptly, but it also means being readily available to handle concerns. Are you prepared for this dual role as an owner and neighbor? 😉
When investing in real estate in Kansas City, it’s essential to establish clear boundaries with tenants to maintain a healthy landlord-tenant relationship. Tenants, unaware of boundaries, may seek your assistance at inconvenient times. To address this, ensure that your “business” hours are well-defined and prominently displayed. Additionally, consider providing an after-hours emergency contact number for urgent issues. Living on-site can foster a sense of accountability among tenants, leading to better property maintenance and reduced noise disturbances. Being physically present can deter potential problems and promote a more harmonious living environment.
Provide a sense of community.
Even as a renter, it’s important to create a sense of home. Foster a friendly atmosphere among neighbors to promote better communication and reduce turnover. Strong community bonds often lead to residents staying longer in a place they cherish.
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.
Avoid micromanaging tenants or reacting negatively to late arrivals. You are not the local sheriff or hall monitor. Tenants pay rent to feel at home and at ease. No one should feel uncomfortable because of your presence in the building. It’s essential to maintain objectivity and choose your battles wisely.
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.