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Any thoughts on buying a small apartment complex, and living in part of it?

1,225 Views | 3 Replies | Last: 4 yr ago by mwp02ag
Bradley.Kohr.II
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AG
I live in a few different cities, and I think it may make sense to buy a small small apartment buildings, and live in 1 or two of the units, and then lease out the rest.

I realize the interest could be an issue, unless I can get them to qualify for Fannie Mac
Red Pear Realty
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AG
I'm pro house hacking.
Sponsor Message: We Split Commissions. Full Service Agents in Austin, Bryan-College Station, Dallas-Fort Worth, Houston and San Antonio. Red Pear Realty
mwp02ag
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I too am very pro house hacking. We've done three variations so far. The third, our best deal, is a triplex we purchased from a wholesaler with hard money, renovated and refinanced to pull our invested cash out and then some. We now occupy the largest apartment and the two 1/1 apartments upstairs just crossed $55k in gross rents for 2020 as short term rentals.

We're about to move out of the 2/1.5 were currently occupying and list it as a corporate rental. We expect to lease for $2700-3000/month with that strategy while maintaining the STRs above. That will all be straight cash flow. We've also appreciated a ton here and hope to refi soon to access equity for our next deal. We're very close to a life changing tipping point in terms of cash flow.

I love the strategy.
bkag9824
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Up for a chat via phone? Have one STR in Crested Butte that's doing well, but looking to acquire more.

Shoot me an email, username at hotmail.
mwp02ag
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Always willing to talk about this stuff, I love it. Ill shoot you an email in a bit.
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