Are you planning to invest in real estate by purchasing a multi-family home with two, three or even five or more units and then renting it out to tenants? This is a great way to generate income and
6 Things to Consider Before Investing In A Multi-family Unit
Are you planning to invest in real estate by purchasing a multi-family home with two, three or even five or more units and then renting it out to tenants?
This is a great way to generate income and build your net worth. Rental income has minimal complexity when it comes to ownership. Maintenance work can be hired out easily, allowing owners to be hands-off for the most part.
Passive income from real estate is more resilient to economic up and down cycles. It is a stable investment compared to other types of assets and lenders may provide more financing options. According to a recent report from Forbes, real estate investing is the number one way to build wealth without getting into stocks.
However, just like as any other investment strategy, you need to carefully study and make educated decisions that lead to success. Here are the key things to consider before investing in a multi-family home.
This is a major factor to consider. Is the unit located in a desirable area? Is there a high ratio of renters versus home ownership in the neighborhood? Look at crime statistics and trends. What
Do your homework before buying the unit. Work
Who will be your target renters? Will it be students? Single professionals? Families? Retirees? Will the demand fit the style, size
How's the condition of the property? Does it need minimal or a full renovation? Will it need more maintenance than usual? Will it need some or major updates? Be sure that this will be an investment and not a cause of
Find out if there
Get some help
Are you ready for the challenge? Getting some help from the professionals is one of the best steps you can take in your real estate investment journey. From looking into all the factors stated above up to getting someone to manage your property, there is always someone who can help to make your life easier and ensure that your venture is successful.
For free resources and to learn more about multi-family home investments, call 907-570-6757 or 907-720-4663. Ask for our list of properties that is primed for investment opportunities.
Vanna has called Alaska home for the past 15 years. As a mother, real estate investor and previous business owner, Vanna brings many different perspectives when working for her clients. She has been a....
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