My Daughter is a First time Home buyer and she Bought a property the has a Main house and a Detached cottage style small home in her backyard. She's been here one year and now I pay here rent and live in the cottage. I'm so proud of her.
Shahee good day to you. Am Tony living in Maryland. I have been thinking of buying a house but i don't want to live in Maryland so we are looking to move to either Georgia, Ohio, North Carolina. Listening to you now makes me wanna go only for multi family home. How much cash do we need to save . And which state would you advise best .
I wasn't keen on being a landlord as a first-time homeowner some years back. But, since I live in NJ, I discovered that being in owner occupied property does exempt you from a lot of the state and town landlord/tenant laws. For instance, I can be a lot more selective about the tenants in my units and not have to worry about discrimination allegations. Also, my town recently passed rent control, and it doesn't apply to me cause its owner occupied. Now, these exemptions only work if the property is 4 units or less.
Great way to be a homeowner and get rental units at the same time. 4plex live in 1 unit. Save what your payment for a unit would be for 2 years to buy another 4plex. If you start at 22 yrs, do this 2 (8 units) or 3 times (12 units) and hire a management company at 25-26yrs. Now you can buy your home and start investing in index funds or dividends for a stock and bond portfolio. At 30-35yrs re evaluate. Consider selling one 4 plex and paying off the others to be debt free and get 100% income. This might allow you to be financially free at 30-40yrs old.
@@yunggrampa727 that’s emergency savings, a good idea. I say a 4 plex, but a duplex would also work. If you live in a 2-3 bedroom place you could have roommates to help save the money you need.
Great video. I had a second property in Atlanta. I owned it for about 12 years. I was so glad when I sold it. Never ever rent to family. Being a landlord isn't just about collecting rent. I'm glad you let everyone know that. Love your videos.
I spent the last 30 years living in an apartment. I’m not gonna buy a multi family dwelling for the same reason that I won’t buy a condo or a townhouse. It’s time for me to live without adjoining walls for the first time in my adult life!!
Been looking all year. In the chicago area all the deals are in bad areas. The good areas are over priced. So it makes no sense to just break even. Suburbs taxes are 10 to 15k which eats at your profit. I've started looking at single family homes. But still keeping my options open. Since house prices are dropping faster I see more profit on the single family end. If I were to buy then after a year rent it. But still trying to be patient for a multi family.
I own a multifamily on the westside of Chicago. Yes suburbs taxes are high and do eat up your profit but I wouldnt stop looking for multifamily. It's a great investment.
I owned a 2 flat near the Obama library. Keep looking for multi families in the best pockets of the bad neighborhoods. Don’t give up, Chicago has some gems on the south and west side. As you know Chicago is block by block. Find a nice block
thank you for your video, i want to buy my first multifamily house but my main concern it's the area , i have 3 kids and dont want them in a bad neighborhood,, baba god helps me .
I just found your channel. You make the information very easy to understand! I sure wish I did this in my 20s or 30s. SMH.... THANK YOU!! GREAT CHANNEL!!
Hello Shaheedah thank you so much for being on point. Please clarify you said for FHA it has a low down payment so one has to live in one of the units for at least one year. How about for conventional? Do we have to live in one of the units for the year? Thank you
If you do not want to own any rental you can fix and flip properties to sell. Also, if you don;t want to deal with tenants directly, hire a property management company. Thanks for watching!
Thank you Shaheedah. Happy Holidays. Could you please do a video on converting a single family into a multifamily? My cousin owns a house, and the downstairs is like a regular one-bedroom apartment, with a kitchen and bathroom. It's not a basement apartment. For some crazy reason, they considered it a single family. It's in a single-family zone. I believe he wants to rent his downstairs, but he has to seek the approval of the township first.
It has a lot to do with taxes and zoning, the area needs to be zoned for mult-family in many areas. They should ask planning and zoning in their area to see if that is allowed.
Hi, I do have a question. I’ve never purchased a home before but I’m going to purchase one 2023🤗 I was told that they have programs also that can help you with your down payment. Is that true? If so, can you combine that with other programs such as FHA and Conventional Loans? Please let me know. Thank you for taking the time to share you videos with us
Hi Mrs Hill! Just want to say thank you for taking the time out to do these well informative videos for us. I blessed God for you. I’m a new subbi btw.
Very informative. The timing is perfect as this is a family discussion my husband and I are having with our adult children. Thank you Shaheedah. Merry Christmas to you and your family 🎄
Good luck..using a FHA loan most only want Conventional and then the down payment cost rises, then there's the hurdle of being outbid by investors! 🤷🏾♀️
What if you're living with someone who owns a house, but you want to get a multifamily unit. Could you just have your mail sent there and not rent out "your" unit for a year?
I am one of the fools that bought a single-family home. Do you have any suggestions on how I go about buying a multi-family home with an FHA loan for my second home
I am looking for an agent in GA to help me with this process of buying a home. Are you available? I love how you educate us property virgins. Thank you in advance
I am not taking new clients right now but I have 4 referral agents, please complete this form and they will be in touch. thank you forms.gle/qC2uP4YRednyEyLa6
Do you have any suggestions in my situation? I am a 23 year old female living in Nashville, TN! I’m an immigrant helping my mom buy a house (first time home buyer). My credit score is about 693 according to Equifax. Im trying to raise it! Im not forsure where to start on this whole process and what’s available to me, but hopefully I can learn from your videos!! We found a company that has its own communities and I think the down payment was 5k and if you close before February of 2023 you can apply and see if you can get 5.75% interest (Im not forsure if this is bad or good), I guess my question would be as a first time home buyer and someone that doesn’t know much about buying a house what would you recommend I start researching or making sure I know before I buy a house! Thanks for your response!
Hi Mrs Hill!, thanks for all your knowledge in these videos. My question is, If you purchase a single family house, how long do you of to live in it before you can rent it?.
I am not a big fan of corporate rent to own - here is a video on that. If it is an individual seller offering rent to own, it may work. th-cam.com/video/WmwLUFfeI-Y/w-d-xo.html
Great informative video! Quick question, I understand that If I purchase a fha multi- family duplex, I would have to live there for a year(permanent address). I'm a traveling technician on the road for 13 weeks at a time, staying in Arbnd for my duration. Could I still stay in my traveling profession and it not be considered mortgage fraud if I don't rent out my main living space but rent out the other units?
This is a lender question for sure, but if you need to owner occupy you still should not rent out your unit. Maybe you can Airbnb it since that is short term, but be careful and check with you lender ahead of time. Thanks for watching!
That would be a construction to perm loan so I am not sure, ask the lender if you can build multi family...I would think so. Your main issue would be zoning.
Hey I’m 18 years old and I’m looking to buying a home. I start college in the fall and my goal is to own a home my sophomore year in college towards the end of my college career. I know I’m young but I have so many questions. Do you have any advice for me or dos and donts?
Not totally clear on your question. But yes you can buy a multi-family using an owner occupancy loan as long a you live in one unit for at least one year.
Shahneedah, If a row house is on the market priced at 189.900 and the property rate is 6%, could I convenience the seller to buy down that 6% rate? And if so, with the home selling for $189.900, could my mortgage be $1,300?
Hi Shaheedah, this video is really helpful! I have a question, there is a restrictive covenant saying all lots shall be used solely for single family residential purpose only, does single family residential include single family rental? There is NO HOA in the subdivision. TIA！
Single family does not speak to rentals, it refers to not being used for multiple families or commercial. If you are planning to use it for rental, double check with zoning to make sure there are no restrictions.
Hi New subscriber here been going back watching a few of your older videos that apply to my home buying questions. Few questions I am currently under contract but I work two jobs will this be an issue? Reason I ask is while my one job is permanent been there about 5 months and my other job is a contract job that will be ending in the next two months I work both but I qualify for the loan with my one permanent job income. My lender mentioned he wouldn’t use that for the loan as in my other contract job so my question is when underwriting sees that will they want to know more or how long I plan to work it or will they just look at the one income in which I qualify for the loan anyway ? Second question so there was some miscommunication in the beginning of my process where I paid cash basically for the binder payment and my lender later let me know that they can’t use that because they can’t trace it so I went and got a cashiers check for the payment and got refunded in a check for the orginal binder payment. My question is should I depoist that now or wait until the process is over? Although the check is traceable because it’s from the title company I just don’t want them asking well why did you pay them just to have another check like why are you getting a check back. Can you let me know your thoughts I would appreciate it
Welcome to the channel, question #1 is tricky.. because your lender said they will count it although you only worked there for 5 months..it is likely because of what you were doing previously. In underwriting they are probably going to do employment verification and one of the questions usually is "do you expect employment to continue", the one that ends shortly may mention that. I would ask your lender in writing if they anticipate ANY issues with your length or employment or your employment ending. 2. Do what the lender advises you to do, you are not the first buyer to do this. Also, ask in writing so there is no miscommunication. If all the money is coming from accounts you own it shouldn't be an issue. It will come back up in underwriting. Watch my undewriting video.
Thank you for your prompt response. Ok yeah I was just trying to see how it would work. Yeah I typically take on contract jobs 6 months out the year in addition to my normal income. But this one is ending feb 1 and I’m supposed to close Jan 12th so I was just wondering how it works. But I know they need the contract job to verify all together 2 years income but he mentioned about not using it for the loan so not sure what that means But will follow up. Also do you have any videos that is checklist to know whether you’re getting a deal for the home you’re buying I feel like I am but then again I think my opinion may not be valid being I’m new to the process but I just look at the houses that are in the same neighborhood or zip code for the same price and they look nothing like the home I’m buying they are alll busted for that price.
High population states will have the most single family homes, but remember to get a multi-family with a low down payment you have to live there for at least one year, so focus on where you want to live first. All states have some single family homes. California, Texas, Florida, New York, Pennsylvania, Illinois, Ohio, Georgia, North Carolina, and Michigan are most populated.
You're so welcome, there are definitely pro and cons...they generally just push the pros. But it can work for some first time buyers. I would have done it for a year.
❤Not a fool at all. That's why I watched your video. Great tips. Especially for first-timers. Soon, we will be investing. We will visit your channel more ofte. By the way, just subscribed.❤
@@ShaheedahHill hello could you please explain " Be without decent, safe and sanitary housing Be unable to obtain a loan from other resources on terms and conditions that can reasonably be expected to meet " ? It seems to me a homeless person would fall under that definition, according to USDA assessment based on my income I would qualify for $300,000 and the assessment said to contact them for more information on the direct loan, I am in fact homeless and have no renters verification
I plan to buy a single family home with a basement, and turning the basement into a short term rental (i.e. Airbnb). Then once I move out I want to turn it into a full rental property.
Do you have to have a rental license to buy and rent out a duplex? I'm sure it varies from state to state. When i googled it for Minnesota it says license is needed. But i asked a real estate agent here and she said it's not necessary. I asked someone at work and he said it's not necessary. I don't know what to go with 🤷🏾
Possibly, yes it likely varies by state, they may make sure landlords are following rules of the state. You should ask a real estate attorney in your state. Thank for watching.
My Daughter is a First time Home buyer and she Bought a property the has a Main house and a Detached cottage style small home in her backyard. She's been here one year and now I pay here rent and live in the cottage. I'm so proud of her.
Love this idea!
AHMAZING 👍🏿👍🏿
Shahee good day to you. Am Tony living in Maryland. I have been thinking of buying a house but i don't want to live in Maryland so we are looking to move to either Georgia, Ohio, North Carolina. Listening to you now makes me wanna go only for multi family home. How much cash do we need to save . And which state would you advise best .
Love it!
I wasn't keen on being a landlord as a first-time homeowner some years back. But, since I live in NJ, I discovered that being in owner occupied property does exempt you from a lot of the state and town landlord/tenant laws. For instance, I can be a lot more selective about the tenants in my units and not have to worry about discrimination allegations. Also, my town recently passed rent control, and it doesn't apply to me cause its owner occupied. Now, these exemptions only work if the property is 4 units or less.
Thanks for watching!
Great points!
Great way to be a homeowner and get rental units at the same time. 4plex live in 1 unit. Save what your payment for a unit would be for 2 years to buy another 4plex. If you start at 22 yrs, do this 2 (8 units) or 3 times (12 units) and hire a management company at 25-26yrs. Now you can buy your home and start investing in index funds or dividends for a stock and bond portfolio. At 30-35yrs re evaluate. Consider selling one 4 plex and paying off the others to be debt free and get 100% income. This might allow you to be financially free at 30-40yrs old.
Thanks for sharing Kenyon!
Ya make this seem so ideal but many programs you need to have 6 months reserves to cover the payment.
@@yunggrampa727 that’s emergency savings, a good idea. I say a 4 plex, but a duplex would also work. If you live in a 2-3 bedroom place you could have roommates to help save the money you need.
The speed with which I hit the like and subscribe buttons.
Thank you!
Great video. I had a second property in Atlanta. I owned it for about 12 years. I was so glad when I sold it. Never ever rent to family. Being a landlord isn't just about collecting rent. I'm glad you let everyone know that. Love your videos.
Thanks for sharing and watching.
I spent the last 30 years living in an apartment. I’m not gonna buy a multi family dwelling for the same reason that I won’t buy a condo or a townhouse. It’s time for me to live without adjoining walls for the first time in my adult life!!
@PhoenixEMichelle Thanks for watching and sharing
I'm looking to buy a multifamily to house hack.. First time home buyer
Been looking all year. In the chicago area all the deals are in bad areas. The good areas are over priced. So it makes no sense to just break even. Suburbs taxes are 10 to 15k which eats at your profit. I've started looking at single family homes. But still keeping my options open. Since house prices are dropping faster I see more profit on the single family end. If I were to buy then after a year rent it. But still trying to be patient for a multi family.
Yes, be patient something will come up soon
I own a multifamily on the westside of Chicago. Yes suburbs taxes are high and do eat up your profit but I wouldnt stop looking for multifamily. It's a great investment.
I owned a 2 flat near the Obama library. Keep looking for multi families in the best pockets of the bad neighborhoods. Don’t give up, Chicago has some gems on the south and west side. As you know Chicago is block by block. Find a nice block
@@stephanietravis4215 Good advice! thanks for sharing
Make the bad area good by community organizing. Be the change you want to see.
thank you for your video, i want to buy my first multifamily house but my main concern it's the area , i have 3 kids and dont want them in a bad neighborhood,, baba god helps me .
Yes, that is a concern depending on your city, multi-family homes may only be in certain areas
You are such a Godsend!! This was so easy to understand!!
Thanks so much for watching
I just found your channel. You make the information very easy to understand! I sure wish I did this in my 20s or 30s. SMH.... THANK YOU!! GREAT CHANNEL!!
Thank you so much! Welcome to the channel🎊
So proud of you! I've watched you grow, I'm one of your biggest fans. You keep me fresh on a lot of topics as a realtor.🤗
I appreciate that, thank you so much for your support. It means a lot. Happy Holidays☺️
Excellent video. Thanks
You are welcome!
Thank you I was just talking to a somebody about buying land and putting multi family homes on it.
Thanks for sharing. Always good information. Bless you
Thanks Vonnie
Hello Shaheedah thank you so much for being on point. Please clarify you said for FHA it has a low down payment so one has to live in one of the units for at least one year. How about for conventional? Do we have to live in one of the units for the year? Thank you
If you are using any mortgage as an owner occupant, you will have to live in one unit for one year, that includes conventional.
What if your not keen to dealing with tenets but looking to buy property as a first timer for investment…what sort of options can we look into?
If you do not want to own any rental you can fix and flip properties to sell. Also, if you don;t want to deal with tenants directly, hire a property management company. Thanks for watching!
I bought a condo (townhome) first time homeowner
Congratulations!
@@ShaheedahHill thank you
Thank you Shaheedah. Happy Holidays. Could you please do a video on converting a single family into a multifamily? My cousin owns a house, and the downstairs is like a regular one-bedroom apartment, with a kitchen and bathroom. It's not a basement apartment. For some crazy reason, they considered it a single family. It's in a single-family zone. I believe he wants to rent his downstairs, but he has to seek the approval of the township first.
It has a lot to do with taxes and zoning, the area needs to be zoned for mult-family in many areas. They should ask planning and zoning in their area to see if that is allowed.
Thank You so very much!
You're welcome!
Hi, I do have a question. I’ve never purchased a home before but I’m going to purchase one 2023🤗 I was told that they have programs also that can help you with your down payment. Is that true? If so, can you combine that with other programs such as FHA and Conventional Loans? Please let me know. Thank you for taking the time to share you videos with us
Yes, that is true. Here is my down payment assistance playlist th-cam.com/play/PL6YdU_zvybVlW1EhDSBF4h4VC3EbHf7g8.html
This video came rite on time…. Love you!
Thanks for watching!
In Florida Some Newer Communities have upstairs detached garage studios. What is your opinion on this type of property?
I like any space that you may be able to use for additional income
Hi Mrs Hill! Just want to say thank you for taking the time out to do these well informative videos for us. I blessed God for you. I’m a new subbi btw.
Thank you so much
Very informative. The timing is perfect as this is a family discussion my husband and I are having with our adult children. Thank you Shaheedah. Merry Christmas to you and your family 🎄
Thank you, Merry Christmas!
Happy Holiday , Shaheedah Thanks for the information.
Happy holidays! Thank you for watching.
Can you do a video on the new program that's rolling out in 2023 the American Dream for all Program?
I will look into it. Thanks for sharing.
Thank you for your information. Happy holiday to you and your family ❤️
Happy Holidays Renea to you and your as well...been taking a little break...but I'll be back up and running in 2023!
Thank you 🙏🏿
Thanks for watching
Very helpful
Glad it helped
Great video! New sub !
Thanks for watching and welcome to the channel.
Very great video
Thanks for watching!
Great video, thank you .
Thanks for watching!
Good luck..using a FHA loan most only want Conventional and then the down payment cost rises, then there's the hurdle of being outbid by investors! 🤷🏾♀️
@angelbabyg1 Thank you for watching
Once someone lives in their home for 1 to 2 years, could they use the property to house people who travel for work while still living there?
What if you're living with someone who owns a house, but you want to get a multifamily unit. Could you just have your mail sent there and not rent out "your" unit for a year?
As long as you are going to owner occupy the unit you buy. They typically expect you to move in within 60 days of closing.
@@ShaheedahHill Thank you so much!!
I am one of the fools that bought a single-family home. Do you have any suggestions on how I go about buying a multi-family home with an FHA loan for my second home
You are not a fool, watch this video - it talks about investing after you already have a primary residence. th-cam.com/video/pNGzW-trT84/w-d-xo.html
I am looking for an agent in GA to help me with this process of buying a home. Are you available? I love how you educate us property virgins. Thank you in advance
I am not taking new clients right now but I have 4 referral agents, please complete this form and they will be in touch. thank you forms.gle/qC2uP4YRednyEyLa6
Thank you thank you thank you! For all you do!!! Thank you ❤
You are so welcome
Do you have any suggestions in my situation?
I am a 23 year old female living in Nashville, TN! I’m an immigrant helping my mom buy a house (first time home buyer). My credit score is about 693 according to Equifax. Im trying to raise it! Im not forsure where to start on this whole process and what’s available to me, but hopefully I can learn from your videos!! We found a company that has its own communities and I think the down payment was 5k and if you close before February of 2023 you can apply and see if you can get 5.75% interest (Im not forsure if this is bad or good), I guess my question would be as a first time home buyer and someone that doesn’t know much about buying a house what would you recommend I start researching or making sure I know before I buy a house! Thanks for your response!
You should start with my how to buy a house playlist and I also have a credit playlist. th-cam.com/play/PL6YdU_zvybVkCIfKDxrxOKiO5BWfBCQaS.html
Thank you for explaining appreciate it 😊
Thanks for watching!
Hi Mrs Hill!, thanks for all your knowledge in these videos. My question is, If you purchase a single family house, how long do you of to live in it before you can rent it?.
One year
@@ShaheedahHill Thank you!
Thank you sister 🙏🙏,I don’t forget u for ever.
Thanks for watching!
Is it okay to be a first time home buyer as a Rent to own option?
I know people who think it's best. What do you think?
I am not a big fan of corporate rent to own - here is a video on that. If it is an individual seller offering rent to own, it may work. th-cam.com/video/WmwLUFfeI-Y/w-d-xo.html
Great video.blessing 🙏🙏🙏
Thank you 🙌
Great info as always.
Thank you.
Thank you for watching
Great informative video! Quick question, I understand that If I purchase a fha multi- family duplex, I would have to live there for a year(permanent address). I'm a traveling technician on the road for 13 weeks at a time, staying in Arbnd for my duration. Could I still stay in my traveling profession and it not be considered mortgage fraud if I don't rent out my main living space but rent out the other units?
This is a lender question for sure, but if you need to owner occupy you still should not rent out your unit. Maybe you can Airbnb it since that is short term, but be careful and check with you lender ahead of time. Thanks for watching!
What type of questions should I ask the lender(s)??
I have a Working with your lender playlist - th-cam.com/play/PL6YdU_zvybVm4ZuE_n-IGLDFtR8VD7DlR.html
Does the low down payment requirement apply if you want to build a duplex on property / land you own?
That would be a construction to perm loan so I am not sure, ask the lender if you can build multi family...I would think so. Your main issue would be zoning.
Hey I’m 18 years old and I’m looking to buying a home. I start college in the fall and my goal is to own a home my sophomore year in college towards the end of my college career. I know I’m young but I have so many questions. Do you have any advice for me or dos and donts?
Would you be working full time, while in college to qualify for a mortgage?
@@ShaheedahHill yes ma’am
Thank you soo much for all this inf. This reassures me so much. ❤️
You are so welcome!
Hey can I buy multi family townhouse 4 units if so how can I live in 1 unit and get a loan ?
Not totally clear on your question. But yes you can buy a multi-family using an owner occupancy loan as long a you live in one unit for at least one year.
Shahneedah, If a row house is on the market priced at 189.900 and the property rate is 6%, could I convenience the seller to buy down that 6% rate? And if so, with the home selling for $189.900, could my mortgage be $1,300?
Use a mortgage calculator to determine the payment and if there are no other offers they would be willing to negotiate with you.
Thank you for all you share. Merry Christmas blessings to you & your family☃️💕🎄❄
Hi Shaheedah, this video is really helpful! I have a question, there is a restrictive covenant saying all lots shall be used solely for single family residential purpose only, does single family residential include single family rental? There is NO HOA in the subdivision. TIA！
Single family does not speak to rentals, it refers to not being used for multiple families or commercial. If you are planning to use it for rental, double check with zoning to make sure there are no restrictions.
Hi
New subscriber here been going back watching a few of your older videos that apply to my home buying questions.
Few questions
I am currently under contract but I work two jobs will this be an issue? Reason I ask is while my one job is permanent been there about 5 months and my other job is a contract job that will be ending in the next two months I work both but I qualify for the loan with my one permanent job income. My lender mentioned he wouldn’t use that for the loan as in my other contract job so my question is when underwriting sees that will they want to know more or how long I plan to work it or will they just look at the one income in which I qualify for the loan anyway ?
Second question so there was some miscommunication in the beginning of my process where I paid cash basically for the binder payment and my lender later let me know that they can’t use that because they can’t trace it so I went and got a cashiers check for the payment and got refunded in a check for the orginal binder payment. My question is should I depoist that now or wait until the process is over? Although the check is traceable because it’s from the title company I just don’t want them asking well why did you pay them just to have another check like why are you getting a check back. Can you let me know your thoughts I would appreciate it
Welcome to the channel, question #1 is tricky.. because your lender said they will count it although you only worked there for 5 months..it is likely because of what you were doing previously. In underwriting they are probably going to do employment verification and one of the questions usually is "do you expect employment to continue", the one that ends shortly may mention that. I would ask your lender in writing if they anticipate ANY issues with your length or employment or your employment ending.
2. Do what the lender advises you to do, you are not the first buyer to do this. Also, ask in writing so there is no miscommunication. If all the money is coming from accounts you own it shouldn't be an issue. It will come back up in underwriting. Watch my undewriting video.
Thank you for your prompt response.
Ok yeah I was just trying to see how it would work. Yeah I typically take on contract jobs 6 months out the year in addition to my normal income. But this one is ending feb 1 and I’m supposed to close Jan 12th so I was just wondering how it works. But I know they need the contract job to verify all together 2 years income but he mentioned about not using it for the loan so not sure what that means But will follow up.
Also do you have any videos that is checklist to know whether you’re getting a deal for the home you’re buying I feel like I am but then again I think my opinion may not be valid being I’m new to the process but I just look at the houses that are in the same neighborhood or zip code for the same price and they look nothing like the home I’m buying they are alll busted for that price.
What states would you recommend for multi family home
High population states will have the most single family homes, but remember to get a multi-family with a low down payment you have to live there for at least one year, so focus on where you want to live first. All states have some single family homes. California, Texas, Florida, New York, Pennsylvania, Illinois, Ohio, Georgia, North Carolina, and Michigan are most populated.
@@ShaheedahHill ok thanks
Thank you for this video, I have seen all the ads pushing the multi-family home strategy
You're so welcome, there are definitely pro and cons...they generally just push the pros. But it can work for some first time buyers. I would have done it for a year.
❤Not a fool at all. That's why I watched your video. Great tips. Especially for first-timers. Soon, we will be investing. We will visit your channel more ofte. By the way, just subscribed.❤
Thank you for watching and subscribing!
Usda direct/guarantee single only, you can lose your home if you get a girlfriend or boyfriend or married
That is not accurate, but they do have income caps. You do not have to be single.
@@ShaheedahHill hello could you please explain " Be without decent, safe and sanitary housing
Be unable to obtain a loan from other resources on terms and conditions that can reasonably be expected to meet " ? It seems to me a homeless person would fall under that definition, according to USDA assessment based on my income I would qualify for $300,000 and the assessment said to contact them for more information on the direct loan, I am in fact homeless and have no renters verification
Sounds good but good luck finding a multifamily home for sale
That was one of my cons, inventory
I found like 70+ in houston.
@@JB-oi2eq yeah in a big city they’re more common due to the lack of land
Here in Florida there are several Newer Communities in varies Price range that have Detached garage studios that you can rent.
It's many of them in Inglewood, Ca
I plan to buy a single family home with a basement, and turning the basement into a short term rental (i.e. Airbnb). Then once I move out I want to turn it into a full rental property.
Good idea! Thanks for watching! Check for any zoning laws in your area that may be against multi-family housing.
Your video came just in time. 💖✨️
So glad!
First here
Cool, thanks for watching
Cons:
1. Live there for a year.
2. Inventory. There are not as many properties.
3. Manage property
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Thanks for watching!
Do you have to have a rental license to buy and rent out a duplex? I'm sure it varies from state to state. When i googled it for Minnesota it says license is needed. But i asked a real estate agent here and she said it's not necessary. I asked someone at work and he said it's not necessary. I don't know what to go with 🤷🏾
Possibly, yes it likely varies by state, they may make sure landlords are following rules of the state. You should ask a real estate attorney in your state. Thank for watching.