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    Real Estate Investing: “Why don’t you just hire a property manager”

    September 18, 2020

    Real Estate Investing: “Why don’t you just hire a property manager”

    “Why don’t you just hire a property manager”

    Posted: 17 Sep 2020 04:45 AM PDT

    I wanted to make this response to people asking why most residential landlords are hands on/DIY with management. Real estate management companies are just like wealth management firms. The people with bigger assets get lower fees and treated much better.

    It's well known that property management companies suck if you have a low number of units. Well, unless you invest in HCOL where your gross income is high.

    A portfolio under 5 units, there's no money in it for the property manager. They will do unethical things to make it worth it like phony repairs or play off the fees. You'll be lucky if they don't completely neglect the property. This is where most of the bad sentiment comes from. You'll never hear it from larger landlords because they don't experience this.

    If you have 15+ units or high gross rents then sure, the management company will treat you like gold. If you have 500 units, they'll literally do anything for you. But you can't compare that to a guy renting out 1 or 2 homes like most landlords. Management needs to be DIY for them at this stage because the margins are too low.

    submitted by /u/HoldtheZiti
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    What city is the ideal city to live in yet also invest in?

    Posted: 17 Sep 2020 09:49 PM PDT

    What do you guys think is not only the best city to live in, but also to invest in?

    Ton of markets constantly making the 'top list' that I could never see myself living in let alone visiting. But if you were to pack up and move to a fun new up and coming city, what would your choice be?

    submitted by /u/soyerom
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    How to find a GOOD Property Manager

    Posted: 17 Sep 2020 11:47 AM PDT

    There is some BAD misinformation about Property Managers on this Sub. I've seen more than one person claim that Property Managers HAVE TO use unethical business practices to make a profit. If you have any idea of how regulated Real Estate is in most states, you know this is a joke, and yet the misinformation persists.

    This misinformation is nothing more bad faith criticism by people who don't understand the PM model or were unlucky enough to get one of the bad ones. So I'm going to 1) set the record straight and 2) show you how to find a good Property Manager.

    Credentials:

    I'm not going to promote myself, one because I've switched to full time Real Estate Sales. For two... I am a river to my people. You do need to know some of my credentials. If nothing else, this should serve as a warning to you obnoxious posters that have 1-2 transactions under your belt who think you know something.

    • I own or have ownership interest in about 30 properties. A portfolio worth over $5 million
    • I've been in & around RESIDENTIAL property management for 15 years.
    • I looked after 620+ properties for about 140 owners.
    • This portfolio was worth over $130 million.
    • I've been licensed for 7 years, and I'm now what we call "BIC Elligible" meaning I could legally take start a PM firm if something happened to him.
    • I am from a 3rd generation Real Estate family.
    • My brother is a contractor.

    ​

    Best Information First

    I like to put my best info right up front. Here are some tips for finding a PM that's worth your time. Some of these aren't necessarily deal breakers for me, you just want to be sure you find a PM that fits your needs as best as possible.

    ​

    • Call more than 1. This should be obvious, but sometimes you have to state the obvious.
    • Google reviews are unreliable. They can be bought and spammed with bots, you'll have to do the digging yourself. A good example of this are places with a lot of 5s & 1s with no in-between.
    • Check their online presence. The more information on the website the better, but it should be clean and easy to navigate. I prefer drop down menus because those convey a lot of information in an organized fashion, but there is an argument to be made for the more mobile friendly designs as that's how much of the customer base looks for homes. When I was a PM, I had a website, Facebook, Twitter, and I used the MLS which farmed my listings out to 80 other platforms like Craig's list, Zillow, Etc. Don't use Joe Schmo because he'll do it for 6% if he doesn't have a damn website. Joe Schmo is missing out on 95% of the customer base.
    • How do they determine rents? Ask about their comparison process. Do they just get the Zestimate? Or do they do a CMA for each property?
    • What are their vacancy rates? IMO, unless we agree to renovate or test the market by getting aggressive on rents; a properly marketed property should be vacated, inspected, cleaned, and re-rented within 2 weeks of move out. Any more than that and we have a problem somewhere.
    • Think like a tenant: Tenants are how you make money. Tenants have a lot of options in the housing world, so you want to choose a PM that tenants like. If a PM is in a sketchy strip mall, Tenants aren't going to feel comfortable using that guy. I like PMs who have a clear sign, an open door, and plenty of parking. This indicates a customer minded PM to me.
    • CALL THE PROPERTY MANAGER, someone who answers the phone within two rings, or at least gets back to messages quickly is more likely to get back to tenants quickly.
    • Check how they market their properties. Do they have signs to market open properties (actually I hated signs for a while because they market the PM more than the house, but I'm coming back around to them. That's another post though)? Do they sort by area? Alphabetically? By Street Number? Rent High to Low? Low to High? Are the pictures clear? Are the descriptions accurate? Choose a PM that fits your needs.
    • Talk to the Broker in Charge directly. Get a sense of his management style and philosophy. Is he very hands on? Does he answer your questions clearly and directly?
    • Check their pricing strategy. A one time set up fee, with 10% of collected rents, is a fair rate for most middle markets. Two clarifications: 1) Obviously this will be higher in big markets like NY & CA. I don't pretend to speak for those markets, because I don't invest there. 2) Obviously if they need to call a plumber, that will get charged back to you, but there shouldn't be premiums on maintenance calls. Also see if they'll offer you a discount for 15+ properties.
    • Check their screening process. I like credit scores of 650 or higher, clean criminal background, no past due balances to landlords or utility companies. I personally prefer an extra check with the Dean of Admissions/Housing, if local undergrads apply. I like to make sure they aren't constantly getting in trouble for under age drinking and partying.
    • What does the management agreement look like?
    • What does the lease look like?
    • How do they handle maintenance?
    • Do they investigate repairs requests or do they automatically assume it's valid?
    • Do they have maintenance fee caps?
    • Do they get quotes for maintenance or do they have a select group of trusted vendors?
    • Do they shop applications, or do they go by first come first serve?

    There are dozens more topics that I could cover, but I'd be here all day. I'll stay active in the comments for a few days if you have other questions.

    ​

    No Property Managers are not out to get you, and they aren't unethical. In fact they are quite good at what they do.

    Let's address the most recent criticisms. I won't mention the user, and thankfully his bad faith criticism seems to have been deleted by Mods.

    There is no money for the Property Manager if you have 1 unit. You are only worth it for them if you have 15+ units. The more properties you have, the better you are treated. They have to use unethical business practices to make money.

    No money for the PM if you have 1 unit.

    Remember above when I said use a PM that charges on COLLECTED rents? This means you are using a PM that gets paid, when you get paid, and gets nothing when you get nothing. Even giving him the benefit of the doubt by assuming he meant "Not Worth It", this is also patently untrue. As a Property Manager, well over 90% of my owners had fewer than 10 rental properties. I'd say about 60% had fewer than 2 rental properties.

    Like a mutual fund manager, we use the combined income of these properties to develop a marketing strategy that benefits all of these owners. A person renting his Grandmother's house couldn't afford MLS dues normally, but when combined with other owners into a larger portfolio, suddenly they all get to take advantage of the reach of the MLS, a clean professional web presence, and the negotiating prowess of an experienced Manager.

    Special Treatment for those with 15+

    I admit it, the owner that had 120 properties got the more of my time than the retired widow with one property. But that's just because of volume. He always had between 3-10 homes coming available, and so we had more to talk about. I still answered the phone every time the retired widow called. I still followed all of her lawful instructions, I still consulted her on repairs, and I got her home rented. If you make me choose between the two of you, yes I will choose the 120+ property owner, sorry.

    Don't forget, as I mentioned above you get a lot of advantages because you are sharing a portfolio with him. This is the perfect example of a "High Tide Raising All Ships". I can afford the nice camera because of that guy, and that nice camera takes high quality pictures of your home at no extra cost to you. I can afford the MLS, a quality website, high quality business cards & signs, a good landscaper, etc. Trust me the 15+ owners do a lot more for you than you do for them.

    Unethical Business Practices

    Like most bad faith criticism, this was vague and unfocused. But I assure you I followed all Fair Housing Laws during my time as a PM. I take my duties as a Fiduciary very seriously and I put my clients needs above my own every time. I consider myself to have very high integrity and I brought that to work with me every single day. I often paid out of pocket to correct mistakes rather than be charged of impropriety.

    There are bad Property Managers out there, but don't assume they are all bad.

    ​

    It'd take too long to detail here, but here's a breakdown of what a Good PM brings to the table.

    There's a big discussion there, but here are the cliff notes.

    • Convenience: Spend your time doing what you want to do.
    • Market Analysis & Consulting: Get professional advice on every topic around management.
    • Mediator Between You & Tenants: Have someone who is emotionally separate from the finances assist in disputes.
    • Finding QUALITY Tenants: Get someone who can show to more, high quality, tenants.
    • Limiting Owner Liability: Honestly might be the biggest advantage. Get someone who knows the laws, who keeps errors & omissions insurance.

    ​

    You are probably your own worst enemy.
    What do you do for a living? If you've been at any job for longer than 6 months, you know more about that job than 99% of the population. Yes the internet gives us access to more professional secrets and information than any other age in history. But watching a few Youtube videos does not give you more knowledge or experience than a Professional. It baffles me that guys with 1-2 houses under their belt, think they know more about the local market than Property Managers who have been in the game 10+ years and have hundreds of houses to look after.

    Property managers are doing Real Estate transactions by the hundreds and thousands each year. They see all the pitfalls, triumphs, opportunities, weaknesses, strengths, and threats of your portfolio and each of the dozens/hundreds of portfolios they manage. They talk to more tenants in a day than you do in a year.

    Ask yourself and be honest...

    • Do you know all the Real Estate Laws in your area? (You don't)
    • Do you know the peak rental window for your area? (It's possible)
    • Do you know the market conditions that would affect people's decisions to rent your homes like upcoming special assessments, road work, zoning changes, etc... (um...)
    • Are you sure your rental comparisons are the most accurate? (Eh maybe)
    • Are you able to work fast enough to minimize the vacancy rate? (unless it's around the holiday)
    • Are you being perfectly objective about the condition of your home? (You aren't)
    • Are you being professional and courteous with every prospect? Even the ones that insult your home to your face? (lol)
    • Are you even responding to every prospect? (Even this is unlikely)
    • Can you outwork and get every repair & update done cheaper than the professionals? (Of course you can't)
    • Are you responding to repair requests in a reasonable time frame? (Not likely)

    If you are managing your property on top of working a full time job, there is no possible way you are batting 1000 in every one of these categories. I had a team of 6 devoting their 8-5 Monday-Friday hours on this and even we couldn't boast perfection. You are human, you are emotional, and you probably aren't devoting your peak efficiency hours to management. You are going to make mistakes. The problem is mistakes in Real Estate cost thousands of dollars and bankrupt people every year.

    I hope this is helpful

    I firmly believe a good PM is going to make you more money than they cost. Especially when you consider that your most valuable resource is time. Looking forward to the debate in the comments, this post got particularly inflammatory at times.

    submitted by /u/JanitorOPplznerf
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    Investing Question

    Posted: 17 Sep 2020 08:26 PM PDT

    Hi Folks,

    I am starting to get into real estate investing and I am just having a dilemma and hopefully if your perspective can fix it!

    I am torn between Real estate and Stock market investing.I have my 120k in 401k through company and I have about $20K in individual stocks.I know stock market is like life long learning and sometimes i like it and sometimes i feel it's not easy and get frustrated. The other alternative is real estate investing and I am not very hands-on guy but it feels like secure tangible investment.

    In my mind i feel like i just need to focus on one type of investment and become good at it but i feel diversification is important.

    How you guys prioritize your time between stock & real estate if you do both types of investing?You just focus on thing for certain period of time and then focus on other or you just do at the same time?

    Sorry for the long post!

    submitted by /u/JasonNC86
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    I have cash, friend has credit, what can we do here?

    Posted: 17 Sep 2020 10:19 PM PDT

    Hey guys. I have received a large chunk of change through a recent inheritance. I have been researching real estate investing for the past 2 years, and now have some capital on hand to try. I am willing to put up $25,000 for down payment and expenses (flipping). The problem is, I am young, and do not have credit established. I was working before COVID, but the business I was working for has been permanently shutdown. Couldn't pull through. I live at home with my parents. No expenses really.

    My friend makes great money and has good credit, and is always looking for places to put his money. Is it possible that we could form an LLC or something together, utilizing his credit to get a loan on a house, while my $25,000 cash could be used for rehab? I am not looking to turn this into a rental property, but a flip. I live in the midwest, most rehab houses I have looked at are around $30,000-$70,000.

    Thank you for any advice you may have.

    Also, the $25,000 is not the entirety of the inheritance. I would not risk it all on one play.

    submitted by /u/spetscom_
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    Bahria Town Rawalpindi | Luxury Spanish Apartments | Easy Instalments

    Posted: 17 Sep 2020 11:39 PM PDT

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    submitted by /u/SheikhOwn
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    Sought Out By Private Financier - How Do I Approach this situation?

    Posted: 17 Sep 2020 01:22 PM PDT

    Howdy, I just got a request from one of my best friend's mom's boyfriends and he wants to meet and discuss working on some real estate investments. This guy has financed +$1-5M projects in Chicago's most expensive areas and he wants to meet with me to grab a beer and discuss working on projects together. I've got one flip under my belt (26 y/o) and am hoping to take my own personal profits to purchase buy/hold long term rentals.

    But say this works out and with large amounts of capital readily available, what strategies do you think I should discuss with this guy? I'm thinking about discussing self-storage facilities (something I'm interested in and have some knowledge about), multi-unit purchases/rehab/long term rentals. What kind of % cut does one usually get if he finds investments/manages rehabs/tenant management/etc?

    Basically, I'm just curious as to how I should approach this situation. Based on our conversation , the guys interested in financing projects. What skills should I bring to the table? What numbers (%) should I keep in mind prior to meeting if this ends up being a working relationship?

    submitted by /u/dicksonlyplease
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    Investment Property Help!

    Posted: 17 Sep 2020 08:49 PM PDT

    Hopefully I can get opinions from some more seasoned investors. I'm thinking about purchasing my first investment home. I am self employed and the only mortgage option I have been able to find is a bank statement loan. I have been pre-approved with a 7% interest rate. The home is roughly 200k so I would have to put 40-50k down which includes closing costs. The good news is the investment home is literally right next door to my home. The previous owner was an older man that lived alone so I don't expect the home to need much work. It is a single family home, 3 bedroom 2 bath and I'm expecting no more than 10k in initial remodel/repairs. I'm aware that there will be periods of time where I won't have tenants living there and i'll have to cover the mortgage myself. I'm ok with that because I know the payments are lowering the principal balance (even if its not much principal in the beginning of the loan). I figure renting out the house should pay for the mortgage plus 100-300 per month which will be put into savings and used towards repairs and/or months without tenants.

    To simplify here is my plan: Down payment of 40k, Finance 160k at 7% interest, rent home, tenants will pay for mortgage, mortgage principal goes down, house value goes up, sell house in 10 years and recoup my initial 40k plus additional amount that the house sells for.

    Is this a good idea or should I look at other investment options? Any opinion would be appreciated!

    submitted by /u/permanentlyfaded
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    Finding average Cap Rate for any particular areas

    Posted: 17 Sep 2020 03:58 PM PDT

    Is there a tool out there that I can go to find the cap rate for any specific areas? I'm looking for SFHs. Is it possible to get an idea of the cap rate for a specific town? or region?

    submitted by /u/dn_match
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    How to use the FHA loan and then the conventional loan in a two year span..?

    Posted: 17 Sep 2020 12:54 PM PDT

    Hi all, first-time buyer here but long time watcher of real estate and I have the end of my lease coming up in a 4 months. I live in SoCal so it is expensive and condo's are pretty much all I can afford without totally going out of my area.

    Debt-free, 80k income, 85k saved up, great credit. I was thinking about house hacking a 2/2 but I started to think of some other options since the idea of living alone in an area I want is so appealing. What if I bought a 1br with an FHA loan (I must live there with this type of loan) so only spending about 15% of my savings. Over time I can airbnb this 1 br whenever I want (probably once a month) without a roommate holding me back (if my HOA allows it). However, I would pay PMI's and 2brs have better resale value. But I could buy a 2br/1ba rental property with the remainder of my savings and make a 20% down payment to get a conventional loan and not have to live there. Have two renters, I don't have to worry about getting it in the area I want but just a good rental area (by the college) and I rent out the property.

    The benefits of this plan are that I get to live in the neighborhood I want and live without a roommate. I can also use the rest of the savings to buy a real rental property without me having to live there.

    I can't use a 4% loan for a rental property correct? I would have to live there for at least a year? Thoughts?

    Thank you!

    submitted by /u/apples333
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    Executed Real Estate Purchase and Sale Agreement Formalities

    Posted: 17 Sep 2020 04:08 PM PDT

    Hi all,

    I just signed a Purchase and Sale agreement contract and the Seller said they won't sign until I send the EM money.

    We also have contingency that I will get EM back if after inspection I want to back out

    Is this normal? Anything I should be aware of?

    submitted by /u/runnershigh1990
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    Paying cash for first rental property

    Posted: 17 Sep 2020 12:20 PM PDT

    Are there any disadvantages to paying cash for a rental property? I think approaching it in this manner would give me the comfort level needed to give real estate investing a try.

    submitted by /u/Which_Stable4699
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    Advice for Building Home at Cost?

    Posted: 17 Sep 2020 03:18 PM PDT

    Hey Everyone,

    A family member owns a small construction business and has offered to build me a home at cost in TX the area. I am in the process of obtaining a lot so I can build a home in about 6-12 months. The home that would be built on the lot is in mid 200's and the savings of building it at cost would be around 60-80k. I plan on renting out the place. Is there a specific way I should go about obtaining a loan from the bank? Should I just put the excess unused loan funds into the home? This would be my first time buying real estate. Any advice/suggestions/warnings would be appreciated.

    submitted by /u/creationofwumbo
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    Deallocating from the stock market to create capital for RE investing

    Posted: 17 Sep 2020 08:52 AM PDT

    Hey guys I just had a quick question. I know people say to keep your investment portfolio diverse but I'm in a bit of a conundrum. I want to get into real estate investing but currently don't have the capital for a down payment. I have about 50% of the down payment saved and the other 50% is currently in the stock market. I know what you're thinking and yes, I do have a separate emergency fund that I'm not including in these calculations.

    ​

    My question is: Is it worth it to sell my position in the market to gain the capital to put a down payment on a SFH investment property. I want to start building equity as soon as possible as I'm only 23 and wanted to build my passive income portfolio early. The general rule is too diversify but I'm reading some books that say to not be afraid of not diversifying.

    submitted by /u/bro_gress
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    How do I get my next House Hack? FHA, Homeready, Conventional?

    Posted: 17 Sep 2020 10:21 AM PDT

    Last year I bought a house hack, 4br 3.5 bath and have rented the extra rooms on Airbnb and direct month to month agreements. I average about $3-4k a month. Mortgage is $1500 plus utilities brings it to about $1800-1900. The house is doing great and has helped me out financially very well. It is now over a year and I want to get my next house hack. The issue for me is that I am self-employed with my LLC created this past January. Everyone keeps telling me that they need at least 2 years of tax returns in order for me to even get started. I make at least $40-50k on my self employment and then around $20-30k on my rental income and airbnb arbitrages. How do I show a lender/bank to approve me with that info?

    submitted by /u/hydn571
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    How do you decide what the optimal amount of leverage is?

    Posted: 17 Sep 2020 09:34 AM PDT

    Obviously the use of leverage can amplify the returns you make on a good deal, but using too much of it can destroy you if you cannot meet your mortgages, so it increases risk/reward.

    People talk a lot about being careful not to overleverage yourself, but almost no one ever says how to work out what the right level of leverage is. Obviously it depends on the individual and their circumstances, but does anybody know of any ways of learning how best to use leverage? Or if they have a process of calculating the best amount of leverage is? For example, you could give examples of different situations of people with X% of leverage at the age of Y and Z income from other sources. It's just something I haven't come across much and it's one of the most important aspects to consider in my opinion. Thank you.

    Edit:typo

    submitted by /u/Alex8167
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    Mortgage strategy for investment property

    Posted: 17 Sep 2020 12:00 PM PDT

    My husband and I are looking to buy a leaseback mode home investment property for around $200k. We're wondering what is the best strategy in terms of length of the mortgage. (For what it's worth, I'm American, my husband is not and we live overseas. The investment property is in the US where I have family).

    We'll likely sell the property within 5-10 years

    This is what we're considering:

    Option 1 :

    Borrow on 30 years. Monthly payment ~ $840 which we could easily stomach, even if there isn't a renter. If we sell back the property after 5 years for the same price as purchased, at for example a 3% interest rate on the mortgage, we'd "lose" around $29,000 from the interest paid.

    Option 2 :

    Borrow on 10 years. Monthly payments ~ $1900 which we could stomach but it would be a little tough if one of us loses our job AND we have no renters.

    If we sell back the property after 5 years for the same price as purchased, and with for example a 3% interest rate on the mortgage, we'd "lose" around $24,000 from the interest paid.

    Option 1 looks less risky and the rent would cover the monthly mortgage payment easily, leaving us with some extra cash every month. However it's $5K more expensive than option 2 if we sell after 5 years. And if we sell after 10 years, it's $22K more expensive than option 2 in interest

    However, option 1 allows us to spend less so if in 1 or 2 years we want to buy a second investment property, maybe we could potentially afford a second similar mortgage.

    What's the best route? Are we missing anything glaring? Thank you in advance!

    edit: Forgot to mention it's a leaseback model home

    submitted by /u/OddOrchid1
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    What is a good service to run tenant checks for under $25?

    Posted: 17 Sep 2020 11:56 AM PDT

    NYC's new rental law states the application fee can't be more than $25. Is there a good website that will run all the basic checks (criminal, credit check, etc) for around that price?

    Preferably a service that the tenant just enters their info and pays and all I will get is the report. Thanks

    submitted by /u/soyeahiknow
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    Cashout refi on llc property

    Posted: 17 Sep 2020 11:55 AM PDT

    I have a SFH I purchased 2/2020. I paid 88k and it appraised for 150k when when I purchased. I think now after improving it, it may be worth about ~125k. My current loan is at 4.5%, 20 year amortization, it is in an llc. My goals are to pull out money, get a lower rate and with a 30 year term, my payment should be lower.

    If I wanted to do a cash out Refi:

    1.How do you shop for one? I understand rate quotes and closing costs, but it would be highly dependent on the appraisal as well. Do they appraise it and then I can back out if not high enough?

    2.I'm considering Refiing out of the llc and into my name to get a better rate. Is this too much of a hassle?

    submitted by /u/Sexual__Redditor
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    Property is now 50 sqft. smaller - one year later

    Posted: 17 Sep 2020 07:51 AM PDT

    We purchased our starter home (1b1b condo in a co-op) in 2019. One by one, our mistakes are coming to light thanks to this sub - really appreciate all the help and excel sheets put up by seasoned investors.

    Based on property investment guidelines, ROI sheets and so on, it seems that this unit's cap rate and other numbers just don't justify it as a good investment in the long run, the rent will not cover the expensive HOA fee and so on. Especially since we financed it with a 15yr conventional.

    To add to this mess, we just noticed another issue while trying to refinance. Has anyone else come across this sort of "fudging" numbers to meet offer price. This seems very much like what is described in this article about a 4% gap in actual value vs appraised value:

    https://realestatedecoded.com/the-untold-truth-of-home-appraisals/

    (refinance idea has since been scrapped and that is another large mess..)

    Appraisal in Jan 2019 shows unit area as: (35*26) -16 = 894sqft.

    Appraisal in July 2020 shows area as: (33.5*26) - 22 = 849sqft.

    With this discrepancy, the price remaining at 352$ per sq.ft, we seem to have overpaid around $15000 for this place purely based on the square footage math.

    Am I right to assume that 4-5 years of owning the unit will not lead to any significant appreciation in value since we plan on selling the condo in Q1 2023?

    submitted by /u/gullyBo1z
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    Potential advice where should I look to get multifamily underwriting experience in NYC (transactions)

    Posted: 17 Sep 2020 10:19 AM PDT

    I'm a current part time mba student in NYC and trying to pivot into the real estate investment world. I completed an internship for a small multifamily shop. Do you have any suggestions for places to look to apply to for multi family underwriting experience?

    Thank you!

    submitted by /u/thr0weaway_
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    Provide snow removal for a duplex in Minnesota?

    Posted: 17 Sep 2020 09:53 AM PDT

    I purchased a duplex in MN this summer. I'm working on writing a new lease and am debating whether I need to take care of the snow removal or have the tenants do it. Does anyone have thoughts either way?

    submitted by /u/XtraMedium880
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    [CA] Buying SFH, living in trailer in lot, and househacking main unit [discussion]

    Posted: 17 Sep 2020 02:29 AM PDT

    Or living in Jr. ADU/shed in the yard.

    Also, can I (the landlord) live in a JrADU if it is not up to code? Would never rent it out to tenants, but can I live there?

    Any tips? Should I just live in a room in the main unit instead?

    I want to maximize the cash flow and minimize the mortgage payment. I am willing to make quality of life sacrifices for a few years.

    submitted by /u/Solidgoku
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