Not exact matches
One thing that remains to be seen is how local regulators will respond, especially in cities
like New York where it's illegal to
rent out one's full
unit in an apartment building on Airbnb for less than 30 days.
By purchasing this type of property rather than something
like a single - family home or a large apartment building, you can both live in and
rent out available
units without biting off more than you can chew for your first time.
One is strictly investment and the other is, do you ever represent buyers who are looking for
like, a three family that they're going to live in, but then obviously
rent out the other two
units.
With this strategy, I
rent out the upstairs
unit like a traditional rental.
As to your concern about success rate, not sure where that number comes from but I have not had any more trouble
renting units in the city or
out so that feels
like a red herring to me.
I've been doing basic number crunching and thought exercises on something
like 20 x 2/1
units at ~ 1000 sq ft /
unit and
rent out between $ 800 - $ 1000 /
unit in the Houston area.
You may
like the lay
out and be thinking you are buying a nice multifamily
unit and be able to generate income at a certain level or perhaps live in one
unit and
rent out the other thereby getting financially assistance to pay off your mortgage if you plan to finance.
If your garage is that nice, seems
like the highest and best use would be either 1) Convert it to a 4th
unit would be the best return or 2)
rent it
out to a contractor or someone who needs a nice place to store supplies, tools, etc. and you could probably get above market
rent for it and not have to put in any cash to remodel.
If you
rent out more than one
unit, choose the one you'd
like to collect money for.
Part of the reason to own student housing is that, in a period of low interest rates, collecting
rent has looked
like a good way to earn good returns, whether you're
renting out a shopping mall, an office sky - rise, or a self - storage
unit.