How Owner-Occupied Investment Properties Are Helping Homeowners Build Wealth In Tri Cities TN and Roanoke VA!

Owner-occupied investment properties are helping buyers all over the country finance their deals. It can be a great way to start real estate investment as the upfront costs can be relatively low. Learn more about the pros and cons in our latest post!

It’s not a new strategy, yet many investors just starting out fail to take advantage of owner-occupied investment properties. While living in a multi-family init may not be your first choice, the rewards can be huge. Below we offer a few pros and cons to consider when buying owner-occupied investment properties in Tri Cities TN and Roanoke VA!

Pros

Live For Free

When you purchase a multi-family property and occupy one of the units or opt to buy a house, renting out the bedrooms to other roommates, you will, in essence, be able to have other people pay off your mortgage for you. You will be able to purchase an investment property as well as a residence for yourself, all while collecting an income each month. In many cases, not only your mortgage be taken care of, but your utilities, taxes, insurance, and other living costs will be covered too! Using this strategy will allow you to save up money, preparing you for when you decide to move out!

Low Down Payment

You can use an FHA loan to finance the purchase a single-family home or a multi-family property with up to 4 units. Your credit doesn’t have to be perfect, nor do you need a large down payment. In most cases, you will only need 3.5% down. An FHA loan will require you to live on the home, but only for 12 months after the property closes.

Easier To Chase Down Rent

Hopefully, you will have high-quality tenants who always pay their rent on time. However, when you live on site, it will be much easier to chase down your rent if you need to. You’ll know when people are at home. You will be able to walk a few feet and knock on their front door. Or maybe you just have to yell down the hall if you’re in a single-family home.

Cons

You Are Easily Accessible

Living in a multi-family property or in a house with other roommates will have a severe impact on your level of privacy. This becomes even more on an issue when you are the landlord. You may get stuck with a tenant in another unit who knocks on your door at all hours of the night with complaints. You’ll likely find yourself having conversations struck up with you whenever you leave your apartment, which can grow a little tiresome.

You’ll Share Walls

It’s one thing to share walls with someone you may not have to deal with all the time. The occasional noise or loud TV won’t be such an issue. But if you are in close quarters, with people who are paying you to live there, the situations can become a bit tenser and involved. Or you may have a fight with a roommate, but find yourself unable to evict them due to your lease agreement.

Overall, the cons of purchasing owner-occupied investment property don’t compare to the potential benefits you can receive. You will only have to commit to living in the house for 12 months, which when you consider the perks, isn’t much time at all. When you find the right tenants or roommates, the situation can become even sweeter. If you like living there, you may not want to ever move out of the house!

Learn more about the benefits of owner-occupied investment properties in ]market_city]! Get in touch with us today for more information! 423 797-6009

Blaine Dartez

Hey there, I’m Blaine, the owner of Awesome Wholesalers! Thanks for checking us out. I love every aspect of real estate, but one major reason I started buying homes is that I saw that sometimes people were getting into tough situations with their home… facing foreclosure, can’t make repairs, getting behind on payments, and more. I’ve seen people struggle with squatters, or go through the process of losing homes up close and personal. Bottom line: I know that sometimes bad things happen to good people. I got into real estate because I wanted to offer a service where I can help homeowners in my community. My passion and goal with this company is to get people out of burdensome properties, or helping another local investor build their portfolio. Besides all that, I enjoy seeing a run-down home flipped and made beautiful, and become a benefit to a neighborhood. Now, I get to run my own business and spend more time with my family and help homeowners like you that are facing tough situations.

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