Would you/do you own a multi-family home?

Michelle · 01-20-2003, 10:16 PM

My FIL was big on encouraging us to buy a multi-family home so we could rent out part and live in the other part.

Now neither one of us is very "handy", and we didn't want to be landlords, so we passed on this idea.

I think it's a great idea for those that can do it, though, to pay for some/all of their mortgage on their own home.

PrairieRose · 01-20-2003, 10:27 PM

We don't, but I have considered it in the event of losing one of my parents. I dunno but we might think seriously about it. I wouldn't want to rent out to strangers though. Couldn't do that.

2cutekids · 01-20-2003, 10:37 PM

It is one of the options that I will consider when it is time for me to buy a home.

SewCrafty · 01-21-2003, 06:06 AM

No we don't. But when I was single, I lived in the other half of a very nice family's home for 5 years. Being alone, it was great knowing someone was on the other side if I ever needed anything and they never bothered me.

CountryMom · 01-21-2003, 12:11 PM

We have/are considering buying a MFH for our next house. But.....the reason is our town has a lot of older, beautiful, large houses that have been converted in to MFH. If we bought one we would reconvert it into a single family home.

sixfreds · 01-21-2003, 01:54 PM

we only a single and I think it would be tough to go and live or own a double or multi.. I am not a preson who likes confrontation of any kind so it would be tough for me if there was a problem that arised and I like my privacy....

BUT it can be a great investment

Eileen

milach · 01-22-2003, 01:56 PM

We have considered this option. Growing up, my grandparents had an apt building- so I saw first hand all the problems and headaches that go along with renting to people. Just because you take pride in your stuff doesn't mean the tenants will. Everytime someone moved out- my grandfather would have to darn there remodel the place. If that were me- instead of hauling out trashed carpeting- I'd be hauling out bodies. So instead, we bought a single family so I won't have to go to jail.

True story- my grandparent lived across the st from the apartment building. One day the city came down with all their equipment to dig up the street. My grandfather went out there to find out what was going on and they told him that the water usage on that months bill (that hadn't been sent out yet) was so high, they thought there was a broken water main at the street. Well, they tore up the street and there wasn't any broken water lines. That was how much water one of the tenants was using!!!! I guess come to find out- these people left the shower running 24 hrs a day. Now imagine if they were on a well? Uggghhhh.....

Laura

Jerseygirl · 01-31-2003, 09:22 PM

Our home is legally a 2 family. It was built as a 1, when the kids moved out, the lady who lived here made some very minor changes to rent out the upstairs. I am currently using it as a 1 family again, but we are making plans to build onto the rear of the house so we can rent out the upstairs again, probably to one of dh's brothers. I don't like the idea of strangers being here.