Offers Passive Income for Retirement
Many people and investors rule out multifamily properties when looking to invest in real estate. Lots of people shy away from investing in multifamily properties because they believe that they are less affordable and high maintenance. However, if you know your audience and are willing to be a little creative, a multifamily property can be the best investment you ever make. Investing in multifamily properties in the Washington DC and Northern Virginia area offers tons of benefits and opportunities that many investors miss out on. Here are some key reasons why you should consider investing in a multifamily property.
A single family home can sit vacant for a while, and eat up your cash. Multifamily properties are almost never left completely unoccupied, even during high turnover seasons. Because of this, you can create great cash flow month after month. Perhaps you make a little extra cash one month, use it to enhance your properties. Add laundry machines or fix damaged areas. Not only will this help your property look better, but it will also help you sell even offering opportunities for higher rent.
Easier to Manage
What’s easier to manage, several single-family homes spread out across the Washington DC area, or several units all under one roof? With several properties in several different areas you may need more than one property manager, but with one building you only need one. Good management will lead to more people wanting to rent out your property, which will increase not only your income but your credibility as well.
Will Not Lose Value
Multifamily properties will continue to hold their value. Especially if you have rehabbed on the property and made it more attractive to tenants, you will also make it more attractive for investors if you ever decide to sell. However, if you want to continue to keep the property you still have made the property attract and retain tenants. At the same time, for a place not to lose its value you need to stay up on maintenance. This doesn’t mean that you have to invest a ton of time into your property, but don’t let the property fall apart. The more time you invest in maintenance and upkeep, the more likely you are to retain its value and possible raise rent rates.
Investing in a multifamily property can be a bit more stressful, but the payoff is worth it. Generating steady cash flow and not losing value are just a few of the benefits that can come out of this type of asset. If you’re looking to invest in real estate properties, contact Gene Mock, Associate Broker, Premier Team to see if a Washington DC multifamily rental property is a right fit for you.