Why Multi-families are worth it
Multifamily Properties, Can Help You Earn Multiple Sources Of Income!
Multi-family properties can be hard to come by, especially in a competitive market such as a big city or an affluent town. This just goes to show how great they can be, and for so many reasons too.
A multi-family house is a single building set up to allow multiple families living in it separately, easily giving you multiple chances to generate rental income. Additionally you can buy a multifamily to live in as your primary place of residence while renting out the other units to help pay the mortgage payments. A lot of people who invest in real estate often get started with multi-families. Living in one unit while renting out the second or even third. Very quickly see the value in having the supplemental income. Even if they decide to move out one day, they often keep the multi-family as an income property renting out both units covering the mortgage. The other great thing about a multifamily is often when you purchase it you can use the estimated rental income of the smaller unit as income for when you apply for loans.
Rental Cash Flow
A case can be made for purchasing a multi-family even if the rent just covers the mortgage and you don’t have an additional cash flow from the property. Some people may argue, “What’s the point if you are just covering the mortgage and not generating any additional cash flow?” The thing to remember is you are generating equating within the property and its being paid for by the renters. If one day you need the money you can always sell the property getting the value that was paid into it by all your renters.
There is so much that can be done with multi-family properties. Let us know if you are interested and OPENHOUSEit will help you strategize your next moves!