An excellent way to create an income stream is by having an owner-occupied multifamily investment home.
Moreover, living in your building and managing it simultaneously is not always easy. Here are some tips to make money and keep up your sanity. Also, during living in a building, one rent out.
Acquiring Your Property
One should beware of this because initial financing to purchase a multifamily building could be trickier and more complex. For instance, you can take a loan to buy a multifamily so long as you move in right away to stay here for a year.
Your anticipated rental income can also be used to qualify for a loan. You can rent out the other units using the payment to pay off your loan when you own an occupied multifamily investment property. In theory, the property will pay off for itself. Make sure you are always up to date because regulations can change all the time.
If these walls could talk, oh wait, they can, and they’re complaining.
You are supposed to make sure that you will be comfortable while sharing a wall with your tenants. You can face problems while living in the building because living in the building allows you to tend to several problems.
Tenants could come knocking at your door at 11 o clock with relatively an issue because they are not respectful of your time. Ensure you have reserved a particular after-hours number of emergencies and well-known hours for your business only because it will make tenants respect your working hours, living in the same building.
If the residents of your building know your working hours or know that you are right on-site, you are less likely to have noise complaints.
Provide a Sense of Community
Just because you live in a rented building does not mean that you have to be uncomfortable. One wants to feel at home.
Encourage yourself and your neighbors to know each other well so that you and your neighbors can live on friendly terms. Because once a man starts loving his place, there is less probability that they will leave this place.
Bring tenants together on different events through BBQs or holiday gifts exchange. Also, don’t pressure people to come over; just leave the invites open.
Don’t let it go to Your Head.
Do not try to micro-manage people or get worried if you hear someone has come late because you are not the local sheriff or the hall monitor.
Tenants are paying good money to feel comfortable and at home while living there. Because you live in the building, none of the tenants are supposed to walk on eggshells. You also need to be objective at times and pick your battles.
You will need to keep a level head and not get offended by minor inconveniences of close quarters unless people are blatantly disrespectful towards you. Moreover, don’t get involved in forming friendships or relationships with tenants.
It can create a conflict of interest regarding tenant-landlord issues or issues with other tenants.