Tuesday, September 27, 2011

Home buying tips: Reason #12 to own a two or three-flat in Chicago

 The recent economic lessons should change the way you live and should provide you lessons moving ahead! Here's a home buying tip to change the way you think about housing and living in your home.

Reason #12 to own a multi-unit building:  Host exchange students. 

One of our good friends created an in-law apartment in the basement of their North Side single family home.  They now use it to host 4 exchange students for a school downtown.  They receive $115.00 a week for each student (roughly $1,800 a month) and are only required to have meals available for the students outside of every day utilities. Our friends' son also hosted students from the same program in extra rooms of his multi-unit building...he had a bunk-bed and 3 income producing students!

Many clients are wary of buying a multi-unit building and being an live-in owner/ operator (i.e landlords).  However, students are a good source of income for your extra unit without having to test the open rental market and sign long leases.  The foreign students are a source of busy, goal oriented "renters" that tend to be low maintenance.  The turn-over keeps things fresh and the schools they are associated with work as good resources, referrals and references for your student tenants. Being a part of a university program takes a lot of guess work out too.

Instead of envisioning yourself in a huge building, house or condo alone use that space for income and keep things interesting!  More on multi-units HERE

No comments: