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Have you considered buying a multifamily home, but aren’t sure where to start? Multifamily homes are a great investment and can help you generate an extra stream of income each month. Note that managing this type of property does require time and effort.
We’ll walk you through the best reasons to invest in a multifamily home and how to navigate the buying process, so you’re fully prepared for each step.
4 Reasons To Buy A Multifamily Home
There are many reasons you might want to buy a multifamily home, but you shouldn’t take this decision lightly. Be sure to think through your options before you commit. Check out these top four reasons if you’re ready to learn more.
1: You Want To Expand Your Portfolio
Expanding your portfolio is key to your success if real estate investing is your passion. Investing is generally either active or passive, but purchasing a multifamily property is a form of active investing. This means you’ll be responsible for overseeing and managing the property or hiring a property management company. You’ll also be responsible for tenants and will need to consider property tax costs.
You may stand to gain a better return on investment (ROI) when you purchase a multifamily property compared to the returns you’d get from other passive forms of investing.
2: You Want To Generate Additional Income
Investing in a multifamily property might be the right move for you if you’re looking for a manageable way to earn additional income.
It’s important to understand the property values of the area you’re interested in to determine how much profit you stand to gain before you pull the trigger on a property.
3: The Timing Is Right
Sometimes great opportunities fall into your lap even if you’ve never really thought about investing in real estate. Let’s say you’ve discovered a multifamily property for an affordable price that you think could bring you sizeable income – you might think the opportunity is too good to pass up.
It’s important to run your idea by a knowledgeable agent, investor and financial advisor – they’ll be able to review the real estate benefits and your financial situation to help you make an educated decision.
4: You Want To Reduce Living Costs
Many landlords who own smaller, 2 – 4-unit properties hope to not only make an additional income each month but also cut back on rental or mortgage costs for their own home. You can accomplish this by moving into one of your units and using your additional rental income to defer costs and earn a small profit.
This is a great strategy if you can find an affordable property in a neighborhood you like.