For those looking to get into managing Tri City Wa real estate and living off of investment income through rent payments, a multi-family home is often the first step on that journey. Instead of taking on a huge commitment like a more developed apartment building or going after fixer-upper properties, many real estate investors get their feet wet being a landlord for a multi-family home, tending to the disparate needs of two to four families and working constantly to make sure that units are filled with happy, paying tenants.
While that may sound simple in theory, getting a first taste of being a landlord can often present challenges that initial investors did not plan for or hoped not to encounter. Indeed, as a first time investor, you can almost bet that something will go awry during your transaction and some problem solving skills will be called into play for a problem you probably never saw coming. Before you get involved with a multi-family home as your first investment property, keep these things in mind.
Related: Multi Family Housing | Multi Family Ecosystem | Protect Your Rental Property
Joe - we own just one single family home. I have read multi-family is better because you probably won't have all of them empty at once, and I'm sure there would be problems we never saw coming. We've already had a few of those in just one house!
Thanks for stopping by and commenting on my blog :)
Thanks for stopping by Sharon. We've found duplexes to be the best for us. There isn't as much profit earned from single family homes, whereby there is plenty of profit in 4-plexes, but more headaches as well. Duplexes are a nice balance. Of course, anything greater than a 4-plex requires a little different financing, so we've stayed away from apartment type investments.