Why you should buy a Multi-Family! | Blogs

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Why you should buy a Multi-Family!
Blogs, Real Estate

Ever drive down the street and say ” I wonder what it would be like to own multi family?” Well, I am going to tell you how FABULOUS it can be (Especially in Greater Portland – Hint: SMCC, USM, New England College)

Don’t get me wrong, being a landlord is NOT for everyone. If you flip out over scuffed walls in the hallway or if a call in the middle of the night because the furnace died totally puts you out, you may want to pass on owning income property. However, if you don’t mind these things and you want some extra cash in your pocket each month then take notice: there are opportunities right in your neighborhood.

Since we work with a lot of first time home buyers, one of our first questions to them is always, “Have you thought about owning a mulit-family?” They usually say that they have teetered with the idea but don’t really see any huge benefits. As a first time buyer, here are a couple of reasons why you TOTALLY want to buy a multi:

1. It can potentially cut your mortgage in half or eliminate it all together. How? Rent from the other units. This means less money out of pocket for you.

2. Tax benefits. There will be MANY write offs from owning a multi because the whole building is an investment for you. Need to replace a water heater or a window, you will be able to write it off. Of course, you will want to work with an accountant to figure out specifics.

3. Homeowners have become tenants. With the housing market changes, foreclosures are rampant and many people who have lost their homes still need a place to live. I know, you’re thinking, if they can’t pay their mortgage they can’t pay rent. YES THEY CAN! Their mortgage was probably twice or even three times the amount of going rents and they will be okay to swing that.

Are you totally convinced yet? I know, not everyone will be and that is okay. However, you may be missing out on an FABULOUS way to earn extra money each month and invest in your future in ways that you can’t with the stock market or even a savings account. Buying multi’s is extremely addictive (like getting a tattoo – well so I have heard, I don’t have any tattoos!) Once you buy one, you are going to want more. Once this happens you may want to consider a property management company; but your retirement is going to be locked down if you keep buying and holding on to them.

Again, if you want to know of multi’s that are available in the Greater Portland Area, let me know. Would love to help you make your first investment towards your future!

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