If you’ve been considering the expansion of your investment property empire, it is possible that you’ve thought about the purchase of a duplex, a 4-plex, or even a larger multi-family apartment building.
There a several reasons why multi-family properties could provide you with added benefits – starting with the ability to attain several income streams from one single investment. In addition, even if you have just one or two vacant units, a multi-family dwelling can still allow you to continue earning income from the spaces that are occupied.
There are other strategies that you could use to increase your income even more as the owner of multi-family real estate. For instance, by providing coin-operated laundry facilities for the tenants, your passive income can expand, without you having to expend more work hours.
But, while multi-unit properties can certainly offer you a number of monetary advantages, there are some factors to consider before you move forward. For example, one of the trickiest criteria that is associated with purchasing larger, multi-unit properties is your potential return on investment.
On top of that, larger structures can also lend themselves to added maintenance and repairs. In addition, they can also require a much larger time commitment as versus owning one (or even a few) single family dwellings.
With that in mind, one solution could be to hire a property manager. In doing so, you can turn over a long list of time-consuming responsibilities, such as marketing vacancies, screening potential tenants, collecting rent, and responding to emergencies.
If you own – or you plan to own in the future – rental real estate in Orlando and / or the surrounding Central Florida area and you want to learn more about how an experienced property management team can provide you with an added advantages, just give us a call today.