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If you are planning to invest in real estate, you can buy a multifamily home. Most of the time, we don’t even think about multifamily homes as we have “bigger is better” mentality but these are one of the most profitable investment in real estate business. However, they may look small in size, but they can give you big profits. A senior executive from Real Property Management1 says about their services, “At Real Property Management, we are aware of the many moving parts that must work together in order to successfully and continually enable you to meet your goals. From tenant placement to rent collection, from maintenance to evictions, a landlord must constantly balance cash flow, expenses, tenant needs and legal requirements.” (Ref: Real Property Management, Westchester, http://www.westchester.realpropertymgt.com/multi_family_homes.html ) There are number of advantages of buying multifamily homes. Few of them are: - In multifamily homes, you have one roof with possibly multiple apartments under it creating multiple income streams. So, there is less risk of having no income for the landlord.
- Instead of having multiple properties at different place, you have your property at one location. So, it is more convenient for the landlord.
- It is easy to get loans for multifamily homes. The more you borrow the less creditors look at the borrower’s credit. In some instances, they don’t even look at the borrower’s credit but at the borrower’s assets instead.
- Generally there is very less competition for multifamily homes as most people have the mindset for single family homes. They usually compete against individual investors instead of large companies, institutional investors, or investment groups.
- They take less equity to purchase. Because they are smaller, they don’t require millions of dollars in equity to purchase, allowing you to purchase them individually or with a small group of investors, and own a higher percentage of the property.
- With smaller multifamily properties, you can often make more money per unit each and every month than with bigger properties.
1. Real Property Management: Real Property Management is the nation’s local property manager. They provide property management services for single homes, multiple homes, apartment complexes, far-reaching institutional portfolio and much more. Office is located at 777 Westchester Avenue, Suite 101, White Plains, NY 10604. You can call at (914) 288-6023 and fax at (866) 314-9739. You can send mail at info@realpropertymgt.com. For more details, visit www.westchester.realpropertymgt.com
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