There are strong pros and cons to buying multifamily property as a first-time investor. By understanding them, you can make a more informed decision. In this article we discuss both the pros and the cons.
Multifamily can mean duplex, triplex, quadplex or a complete apartment block. Any property with more than five units is considered commercial rather than residential, so loans may be more difficult to obtain, and finding and managing a large number of tenants requires experience, skills, and abilities many first-time investors do not have. Let us begin with the investor, then move on to the property.