Are Multi-Unit Properties the Right Move for You?

March 27, 2019 |

Are Multi-Unit Properties the Right Move for YouReal estate isn’t a one-size-fits-all pursuit. Buying and renting multi-unit properties is one of the ways investors build residual income while increasing their property portfolios. However, multi-unit rentals come with some unique challenges. Are you ready to manage a multi-unit rental property?

Ask yourself these questions to help you decide which path best fits your resources, goals, and interests.

Do You Plan To Live On The Property?

Living in one of your rental units offers a myriad of benefits. First, you get to keep a close eye on building conditions and the actions of your renters. Next, you’ll be able to respond quickly to an emergency. Last, you won’t have to pay extra for your own living quarters. You won’t have this option with single-occupancy properties.

Will You Work With A Property Management Company?

If you are more of a hands-off investor, a property management company makes owning properties simple. Their staff will collect the rents, respond to requests for maintenance and repairs, and take care of all the paperwork that comes along with rental units.

All you need to do is collect your portion of the payments and keep up with your bank loans. You can still work with a property management company if you opt for single-family properties. However, it may not be the most cost-effective solution in that situation.

Are Market Conditions In Your Area Changing Quickly?

When rental prices go up, it can be difficult for investors to take advantage. Long-term occupants may balk at the idea of paying more for the same property. With multi-unit buildings, you can raise prices as tenants vacate. In this way, you can keep your current occupants happy without sacrificing potential profits.

Are You Looking For More Ways To Increase Your Income?

Multi-unit properties are a unique opportunity for enterprising investors. Rent out space under stairways or in common areas to vending machine companies. Your residents get convenient snacks and you earn a little extra cash each month. A coin-operated laundry room is another addition that adds value for your residents while increasing your own payouts.

Managing a multi-unit building means more paperwork, maintenance, and marketing. However, the potential profits might be worth it. Take some time to review your own goals and abilities before committing to a purchase.

Be sure to consult with your trusted real estate and mortgage professionals to find out more information about purchasing multi-unit rentals.

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Category: Real Estate

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Emortgages.com has been in business since 1998. We were one of the first mortgage companies in the country to take the mortgage business online. We wanted to give our customers 24/7 access to rates, application forms, and mortgage information. We have a great group of agents and processors who are ready and willing to help our customers through the entire home mortgage process from start to finish. We understand that you have many mortgage consultant options and are prepared to earn your long term trust. I would love to connect with you about any of your real estate finance questions. Give me a call at our office number (707) 763-6290, toll-free at (800) 619-4400 or email me at js@emortgages.com. Am looking forward to being in touch.

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