Multifamily Properties- Investments, Homes or Both?

Multifamily real estate can be homes cleverly disguised as investments. These properties are typically duplexes or triplexes but can sometimes even be quadplexes. A duplex characteristically includes two units that share a roof and at least one common wall. Similarly triplexes and quadplexes share some of the same common features and the same lots. It depends on the configuration of the property as to the exact layout of each unit. This type of real estate comes in all shapes and sizes; in metro areas like Hampton Roads, it can be a way to become a homeowner and landlord in one shot.

If you're looking for a nice place of your own, a duplex or triplex could be a nice option. Some of these properties are built to include a specified owner's unit; one that is nicer, bigger or has considerable upgrades compared to the other units. The entire piece of property becomes yours, so you can hand-select your neighbors. Don't like barking dogs? Don't care for big work trucks that park on the street? You can help create your own micro-environment.

Investors don't have to be absentee landlords when purchasing rental property. When you live next door, you can get to know your tenants and keep an eye on what they may or may not be doing. This situation can be ideal for those who are handy and don't mind living in close proximity to others. When you invest in the right multifamily property, get the necessary knowledge to assure you run it well to blend investing with owning for a successful outcome.

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Categories: Home Buying Real Estate Investing

Cities: Virginia Beach Chesapeake Norfolk Williamsburg Newport News Hampton Suffolk Yorktown Richmond

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