An excellent way to create an income stream is by having an owner-occupied multi-family investment home.
Moreover, living in a building of your own and managing it simultaneously is not always easy. Here are some tips one could use while making money and keeping up the sanity also during living in a building one also rent out.
Acquiring Your Property
One should stay beware of the thing because initial financing to purchase a multi-family building could be trickier and more difficult. For instance, you can take a loan to purchase a multi-family 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 income to pay off your loan when you own an owned occupied multifamily investment property. In the theory, the property will pay off for itself. Make sure you are always up to date because regulation 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 really 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 Make sure you have reserved a special after-hours number of emergencies and well-known hours for your business only because it will make tenants respectful towards your working hours, living in the same building.
If the residents of your building know your working hours or they know that you are right on site then you are less likely to have noise complaints.
Provide a Sense of Community
Just because you are living in a rented building, does not really mean that you have to be uncomfortable. One obviously 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 then there is less probability that they will leave this place.
Bring tenants together on different events such as 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 so that they can feel comfortable and at home while living there. Because you are living in the building so that 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.
At the end of the day, it can create a conflict of interest when it comes to tenant-landlord issues or issues with other tenants.