Buying A Home
ExpatPumpkin
member
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Would You Buy a Multi-Family Property?
How to do you feel about purchasing a duplex, triplex, etc. as your MAIN residence? The idea would be to live in one unit and rent out the other(s).
Pro: the rent from the other unit(s) would help offset the mortgage.
Con: all of the usual hassles of being a landlord, including vacancy, bad tenants, etc. - right next door.
Thoughts?
[Poll]
Re: Would You Buy a Multi-Family Property?
My parents owned a 3 flat in Chicago when I was a kid- we lived on the bottom floor and rented out the top two floors. It worked out ok for a little while, but they were really happy to get rid of the property after a while because the hassle of being a landlord was taking up so much of their time that it was a constant headache.
I would just be worried about the tenants- you never know who you're going to get. It could work out well, or your could end up with hoarders or tenants that don't pay on time. It's a gamble.
We have several 2-3 family houses that we rent out but we don't and would not want to live in a multi. Even when I was single and rented in one, I did not like it.
If you do this, make sure you can cover the entire mortgage yourself and not have to depend on the rent. Most of our tenants are great, but we currently have 2 units where tenants decided not to pay their rent the last few months and are now in the process of eviction. The court did award us court and attorney fees, but we will probably never see a cent of that money nor the back rent tenants owe us.
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BFP #1 EDD 12/14/12, C/P 4/9
dx: DOR
Clomid + trigger + IUI #2
Everyone welcome.
@MNVegas, if the court awards you money and you don't receive it, you're still entitled to it. With a court order in your hands, you should be able to garnish wages, much in the same way they can be garnished for delinquent childcare payments.
Cortlandt Place - My house blog
Yes, we already know that! Even with a court order there is no guarantee money we will ever be collected. People change jobs, move out of state etc. We would just rather get rid of the bad tenant and move on the hopefully a good one.