Buying a Multi Family Home to Live In – 58 Quick Questions to Ask Yourself
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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.
Happy questioning!
Basics
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?
House
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?
Location
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?
Amenities
If I’m buying a multifamily home to live in, will I rent out the…
- Driveway?
- Backyard?
- Parking spot?
- Garage?
- Storage space?
- Pool?
- Washer/dryer unit?
- Washer/dryer hook ups only?
Personal
How will I deal with a possible…
- Late payment?
- Small maintenance issue?
- Clogged toilet?
- Clogged shower?
- Tenant dispute?
- Boiler issue?
- HVAC issue?
Team
Who is my…
- Realtor?
- Plumber?
- Electrician?
- Carpenter?
- Mason?
- Roofer?
- General contractor?
- Mortgage broker?
- Lawyer?
Money
How Much Will I Pay For The…
- Down payment?
- Commissions?
- Closing costs?
- Insurance?
- Property taxes?
- Monthly mortgage?
- Utilities…
- Electric?
- Gas?
- Water supply?
- Water usage?
- Trash pickup, if applicable?
- PMI?
How Much Will I Charge for The…
- Rent?
- Amenities?
- Late payments?
- Laundry?
- 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?
