Quad Cities For Rent By Owner: Investment Property

Investment Property

Buying an occupied multi-family unit?
I'm interested in buying a multi-family (2-3 unit) as extra income. I am a first time buyer wanting to buy a home but am now considering buying an investment property first since multi-family homes are selling for the same price or less than a single family. Most of the listings I've found are tenant occupied. What happens when a new owner takes over? As far as rental agreements go... Does the new owner get to make new rental agreements or does he/she take over the previous owners' agreement? Also, does the new owner get to change the new owner get to change the amount of rent? Any other advice on multi-family properties would be most helpful :-)

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I want to buy a home for my mom. Are there any mortgage programs that can help me?
I currently own a home in Colorado that I live in, and have a mortgage on it, that I bought back in 2008. My mom wants to live in Florida. She can't qualify for a loan but I can, the plan is for her to live in it and pay the mortgage. This isn't an investment property for me and will be more of a second home. I heard about something called the Family Opportunity Mortgage but I can't find any real info on it.

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is my house an investment property?
I am trying to refinance and the appraisal is saying the house has income. I am not renting the house and I occupy the house. We opened a business (IT Consultant) and used the house address to show we have a home office as for administrative purposes.

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After purchasing a rental home for cash, how long until you can cash out refi at a higher appraised value?
I'm planning on using some cash on hand to purchase a rental property that has not yet been listed as an REO. If I make a cash offer, and purchase the home, how long do I have to wait before I would be able to have the home appraised at full market value, and take out equity to free up that capital? I realize this isn't a cut and dry answer here - I'm talking ballpark numbers. If it's an extended period of time, what are some other options? Hard money lender until reaching some threshold of time then refi? Another scenario: My cash on hand is about 56k. In theory on investment properties you can put 20% down and borrow the rest. However I'm looking at relatively inexpensive properties, and the closing costs on individually financed deals doesn't make sense. My situation is this: I'm 27, currently have 3 rental properties, and 3 rental incomes (my house, while not technically a duplex has a mother in law suite I rent out for $800 / month). I'm cash flow positive and would like to continue to purchase additional property using the strategy above. I'm trying to catch homes that didn't sell at the courthouse and will soon be listed as REO, but before they make it to the market. Typically you need cash to make these offers. Am I in a situation that would be compelling enough warrant the interest of a commercial banker for some type of portfolio financing that would avoid the expenses of financing each deal individually? Wow lots of questions here - hope you can help, thanks! One additional point: I'm considering migrating my activities into a lllp (I'm in FL), or s corp. Probably a move beyond past due.

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i am a new landlord help!?
i have just startd getting into investment property. i have one home that i was blessed in getting with a long term tenant already placed and he is wonderful. i am branching out to getting more properties and i need to know how to go about getting the credit check information. i already know how to do the background check on our state data base but i am clueless on how to go about the credit check. in addition any information on how to go through the process of getting qualified to have tenants on rental assistance would be great. i am not sure if there is anything i need to do for that or if they just come to me with there paperwork and i have to submit it or something. really i have no idea how it works i just know that people can get rental assistance and the state then pays me the rent instead of the tenant. i am in wisconsin if that helps.

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