Looking into buying a home, but nervous about the payment? Have you considered buying a Multi-family home? The income from a multi-family home can sometimes pay part of, or your entire mortgage! There are even first time home buyer programs that allow you to buy up to a four unit home. The broker’s here at Maine Source have years of experience when it comes to buying and owning multi-family homes, and are glad to offer some tips when looking for tenants.
- Always prescreen applicants! Take the time to do a credit, rental and criminal background. This will help eliminate any uncertainties you may have about the applicant, as well as determine whether the applicant is financially responsible.
- Inquire about things in an application such as employment history, child, pets, vehicles, and income.
- Make sure the application discusses the length of the lease, the rental amount as well as the security deposit amount.
- Familiarize yourself with the Federal Fair Housing Act.
- To avoid discrimination suits, refuse applicants based on business reasons (credit, income, rental history, criminal history), not personal reasons.
- Outline in your lease the tenants duties, such as utilities, snow/trash removal and maintenance duties.
- Discuss in the lease insurance duties, such as rental insurance for the tenant and building insurance for the owner.
Contact Maine Source Realty today at 333-6001 to talk to a broker about buying your next multi-family home!