Investing in multifamily real estate can be a very lucrative move. Entrepreneurs like Steven Taylor Landlord have seen great success through these types of investments. If you’ve considered getting into multifamily real estate, here are a few things to consider.
Where is the Property Located?
Location is one of the most important factors in determining whether or not to invest in a property. It’s one of the most important factors that potential tenants look at before deciding to rent. Take into consideration the schools in the area, the condition of the neighborhood, crime rates, and nearby amenities.
How Does the Property Look?
Consider the condition of the property. This includes the exterior appearance, the landscaping, and any repairs that need to be done. Regular maintenance is essential for keeping the property in a good, safe condition. You need to make sure that you can afford any necessary repairs or if you want to be bothered fixing up the issues present in the property.
Are There Opportunities to Add Value?
Look to see what opportunities there are to bring in more income. This might include adding certain amenities like coin-operated on-site laundry or charging for guaranteed parking spaces. Another option is to remodel kitchens and baths as units become vacant. This can help to bring in more rent for each apartment.
Who Will Manage the Property?
Will you manage the property or will you hire a property manager? Managing the property yourself comes with several benefits, but there are also a lot of responsibilities. If you’d rather earn passive income and not be bothered with the day-to-day needs of the property, a property manager may be a better option.
While multifamily real estate can be a great investment, it’s not something you should go into blind. Nor should you jump at the first property you find. Take your time, do your research, and be sure to consider the many factors that go into a successful investment.