This post may contain affiliate links. If you purchase a product through one of them, we will receive a commission at no additional cost to you. As Amazon Associates, we earn from qualifying purchases.
Are you interested in buying a multifamily home to live in? Great! Here is a list of 58 quick questions to ask yourself before you start.
This list also doubles a great game to play with your business partner or spouse who might be in on the deal with you.
When buying a multifamily home to live in, there are some basic questions to consider:
- Do I want to invest in a house?
- Do I want to be a landlord?
- Does my spouse want to invest?
- Does my spouse want to be a landlord?
- Do I really want to house hack?
- Will I tell my tenants I am the owner?
Time to dream and scheme about the house itself!
- How many bedrooms for me?
- How many bedrooms for my tenant?
- Number of bathrooms for each of us?
- Do I want a fixer upper or turn key?
- What do I need for my kids/pets/family?
The three most important considerations in real estate: location, location, and location.
- Where, exactly?
- City, suburbia, countryside?
- How far from my or my spouse’s day job(s)?
- Will I live near extended family?
- What do I want nearby, like gyms, schools, clubs, etc?
If I’m buying a multifamily home to live in, will I rent out the…
- Parking spot?
- Storage space?
- Washer/dryer unit?
- Washer/dryer hook ups only?
How will I deal with a possible…
- Late payment?
- Small maintenance issue?
- Clogged toilet?
- Clogged shower?
- Tenant dispute?
- Boiler issue?
- HVAC issue?
Who is my…
- General contractor?
- Mortgage broker?
How much will I pay for the…
- Down payment?
- Closing costs?
- Property taxes?
- Monthly mortgage?
- Water supply?
- Water usage?
- Trash pickup, if applicable?
How much will I charge for the…
- Late payments?
- Utilities, if not included?
This is just the beginning of discussion questions before buying a multifamily home to live in!
We hope this list has given you a springboard from which to begin your conversation about buying a multifamily home.
What questions have you asked before purchasing an investment property?