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  #1  
Old 08-07-2007, 11:12 PM
bizip bizip is offline
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Default 4 unit investment property

hi, curious what your thoughts are on the following property. 4 unit building. I will live in one unit and rent the other 3. Total cost is 1.3 mio. rental income - 5,800 and I would cover the balance of mortgage and costs.
Thanks.
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  #2  
Old 08-08-2007, 01:03 AM
pig4bill pig4bill is offline
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Default Re: 4 unit investment property

With the inadequate info you provided, it sounds awfully expensive to me. Income property mortgages have higher rates, your insurance is often higher, and in some places, taxes are doubled. The property is valued as a function of rent. If the rent doesn't go up, neither will the value of the property, unlike a detached house.
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Old 08-08-2007, 01:07 AM
emon87 emon87 is offline
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Default Re: 4 unit investment property

How can you not even say where this is
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Old 08-08-2007, 01:15 PM
Shoe Shoe is offline
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Default Re: 4 unit investment property

Without knowing more information, it sounds like this property is way overpriced unless you are planning to rip this building down and build a bigger complex or something like that.
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Old 08-08-2007, 05:07 PM
SteveOMS SteveOMS is offline
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Default Re: 4 unit investment property

This also can't be answered without a rental estimate on the unit you will live in. I'm assuming the 5,800 a month is for the 3 units only, almost 2k a month, but its a big difference if the owners unit is a comparable 2k unit, or a bigger and more expensive unit.

SteveOMS
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Old 08-11-2007, 02:23 AM
RikaKazak RikaKazak is offline
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Default Re: 4 unit investment property

Can't answer on wether it's worth it or not...I can answer the question about living where you rent.

Being a landlord, and living within "walking distance" of your properties SUCKS! (I will never again let my renters know where I live) They'll complain constantly, bug you, talk your ear off, and it's a hugely bad experience. Every landlord I've ever talked with that lived in the same place that they rented hated it (around 7 buddies I know have done it, so not a huge sample size, but not a tiny one either)
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