Thinking about investing in a multi-family residential property by moving up from your single family home? Here are some handy tips to keep in mind while purchasing multi-family properties to make the most of your investment:
- Choosing the best real estate professional
Buying a multi-unit structure is a very risky move. It can prove to be overwhelming when you consider the amount of market research and analysis that goes into it. It is necessary to have a good real estate broker who can help you to sort through the options that are available and guide you in making the changes accordingly. Professional brokers can provide expert advice related to property purchase transaction and the legal procedure that needs to be followed to establish the ownership.
- Collecting as much information as possible
It is a good idea to get familiar with the area where you are planning to buy a multi-family home. You can do so by asking the locals to provide information related to the history of the place and the real estate market scenario in that area. You need to check the vacancy rate in the neighborhood of the property that you are interested in buying and find out the type of housing facility which is most in demand. It is important to ask for copies of the lease. You should read every word before investing a project.
- Setting aside money for the investment
You cannot expect to buy a multi-family unit and get occupants for every rental unit right away. Another point to keep in mind is that tenants do not always pay the rent on time. So you should not depend on the monthly rent that you receive from tenants to cover your property price. You need to start saving your money and be ready with the first few months’ installments before initiating the buying process.
Another option is to take a loan and make monthly EMI payments. Multi-family homes definitely cost much more than single-family homes but it is easy to secure a loan for such a property rather than a single-family home. The reason is that this investment generates a steady cash flow every month.
Lastly, choose a multi-family property which is relatively new and does not require much maintenance. Make a budget for investment and stick to it.
For further information on the buying process of multi-family investment properties in Connecticut, get in touch with Connecticut Real Estate & Investment.
For More Information Call The Buyer Broker, Steve Schappert at Connecticut Real Estate & Investment. 203-994-3950
Based on a search of the Connecticut MLS by Connecticut Real Estate & Investment
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