Hi, I am in the market for buying rental property. I have spoken to my lender and he has advised me that I purchase a multi-family property. I am new to this so I am in need of a knowledgeable realtor that can assist me in not just the purchase, but assessment of finding the right property for me. Can anyone guide me in the right direction?Thanks!

I am glad you are asking before buying. The difference between a multi-family property and a single-family property can be VASTY different depending on your situation. Once you reach over a certain number of units in the building you are now accountable to fair housing laws that other owners are not. I used to manage apartment communities before becoming a realtor, and the difference between a single-family landlord and a multi-family landlord is extremely different. However, if done properly it can pay off in many ways to own more than 1 unit. The best way to determine what is right for you is to meet with an agent who has the knowledge needed for this type of venture. If you would like to discuss please give me a call. Best,James A. Horne, J.D.AssociateRE/MAX Space Center - South Shore3032 Marina Bay Drive #200League City, Texas 77573Direct: (281) 468-5815Office: (281) 334-3344Email: buywithjames@gmail.com

2816 SF 3 BR/ 3 BATH in armed guard gated community on Briar Hollow Lane. comparable rental was snapped up in 3 days at $5950/ month.

Richard, Rentals in our market are getting snatched immediately regardless of their condition. However, if it's not ready for move-in someone may try to under-cut you on price. Stand your ground because you know the value of your property, and our market is strong. If you "give it away" the first year it will hurt your ability to get more the following year. Realtors can use the MLS to see what you were getting before, and once renters know what the previous person paid they will not be quick to pay a lot more. As far as getting it rented now, determine how quickly it will be ready. Most people can't make a decision more than 30 days out anyway before of their current lease. Once you get to your 30 day mark it's time to get it listed! Your realtor needs to make the correct marketing plan for your property. Pictures are KEY to its success. Your property needs to get shown, and the best way to do this is by marketing it PERFECT online. Next, lay out materials you plan on using if they are not installed yet. Renters want to see whats going to be installed. In the price range you are talking about renters expects it to be perfect, and without seeing what is going to be installed it will be hard to lease. If you need it rented more than 30 days out, there are other strategies that you can use. If this is the case please let me know. Good luck, and I hope this helped! Best, James Horne