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If you’re ready to invest in a rental property and are looking to make your first purchase, you’re probably wondering if you should invest in a single-family home or a multi-family property. Each type of property brings a unique set of challenges to the equation and can provide benefits in your pocketbook and portfolio. Let’s dive into the pros and cons of each so you can better discern the option that might be best for your unique investment situation.
Rental Income
On the surface, this one may seem obvious, but it’s actually a much harder decision for a lot of people than they realize it will be. With a multi-family property, you’ll still have the ability to have income coming in, even if one or more of the units are under renovation or vacant for some other reason. You can upgrade a unit, take it out of commission for repairs, or endure the time in between renters without completely halting your income stream.
A single-family home doesn’t afford you this luxury. Instead, if the house does not have tenants, it’s simply not making you any money. That means you’re on the hook for the mortgage payments and may need to dip into your savings while you prepare and advertise your property to potential new renters.
While you’re less likely to face a $0-income month with a multi-family property, that’s not the only thing you should consider as you set forth on your buying journey.
Financing
Single-family homes tend to be significantly more affordable than multi-family properties. Besides the price tag itself, financing is typically easier to obtain for single-family homes than multi-family properties. This, in conjunction with the fact that down payments and interest rates are usually lower for single-family homes, mak… Read More
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