The real estate market is a hot topic right now, and it’s no surprise. The housing market has been on a steady rise for years, and many people are looking for ways to get into the game. According to Richard Zahn, One way you can do this is by purchasing a multifamily property for investment purposes. If you’re new to real estate investing or want to start off small with an easier-to-manage investment property, here are three reasons why buying a multifamily property might be your best bet:
You Can Save Money
If you’re looking for a smart way to invest, multifamily properties can be an outstanding option. Here are three reasons why:
- You can save money by renting out units that are otherwise vacant and collecting rental income while living in the other unit(s).
- You’ll get tax benefits such as depreciation that will reduce your taxable income and allow you to invest more money into the property without paying taxes on it right away (which would mean less cash flow).
- Lower maintenance costs mean lower mortgage payments, higher returns on investment, and potentially faster payback periods
You Can Buy A Property That Is Turn-Key
- A turn-key property is a property that is ready to rent out.
- Turn-key properties have been renovated and kept in good condition.
- You can buy a turn-key property for a lower price than a single family home, because you do not need to renovate it yourself.
You Can Rent Out The Spaces And Maximize Your Monthly Income
Multifamily property can be a profitable investment, and you can use the income to pay your mortgage.
If you have a multifamily property, you can rent out the extra space and make money from it. You could use that money to pay off your mortgage each month or invest in other properties.
If you are looking to begin your real estate investing career, consider purchasing a multifamily property. A multifamily property is an investment that can help you get started in real estate with less of the risk and pain associated with single family properties.
The first reason that you should consider a multifamily property is because they are turn-key. The best way to get started in real estate investing is by buying a property that is already purchased and ready for rent. When you start out, it’s important to focus on learning the business rather than trying to figure out how to find contractors, negotiate with sellers, etc.
A great way for investors who are just starting out their careers in real estate investing is by finding an apartment complex or a duplex that has been turned into rentals. This type of property comes with all the necessary things needed for easy management such as appliances, furniture and even lawn care if needed!
Another benefit of purchasing a turn-key rental property instead of building from scratch yourself will save time and money which can then be used elsewhere within the business itself (such as marketing).
If you are looking to get started in real estate investing, multifamily properties are a great way to do so. They offer several benefits that traditional single family properties do not have. They allow you to save money on your initial investment, they can be turn-key investments and maximize your monthly income by renting out the spaces.