Should I keep the house a 2 family and pay a higher interest rate?

and all that goes with it to rent out a legal apartment?

Or should I have the sellers take out the stove in the apartment part of the house and convert it back into a 1 family and not rent it out and use it as living space, which I wont really need.

Lets say I have a great tenant... what else goes into being a landlord money wise?

Re: Should I keep the house a 2 family and pay a higher interest rate?

I would keep the apartment! Especially if there is currently a good tenant. I think you should shop around for your rate, we didn't pay a higher rent when we bought.

Re: Should I keep the house a 2 family and pay a higher interest rate?

There is no tenant currently. Are you sure you didnt pay a higher rate? I hope my mortgage broker isnt twisting the truth.

Re: Should I keep the house a 2 family and pay a higher interest rate?

If you are referring to a legal 2 family registered with the town as such then I would not want to lose that distinction. Obtaining those permits again could be a huge headache. I believe that the taxes are higher with a legal rental but your broker should know. With mortgages, one lender may be willing to do what another is not.

On the other hand, I would probably never want to be a landlord. If you have a good tenant then it can be wonderful but there are always some unexpected costs for repairs, plus it can take a lot of time and work to get an eviction in Suffolk County if you need to. You can have a non-paying tenant or one who makes a mess of the place, in there for a long time before the law will help you or you could sue for eviction and lose.

If the apartment is not legal, strip it down.