Investing in Multi-Family is a great idea. Partnering up with us to help maximize your investments is an even better one 😉
Many Investors that are starting out seem to think that buying a home and leasing it out is the best way to go. Although there are some advantages in acquiring a Single Family Residence (“SFR”) there are as many disadvantages as well. The most pressing advantage for an SFR is that you can typically purchase them for less money down, allowing you to make use of today’s low interest rates and leverage the return. The low down payment can be the difference between investing now, and waiting years until you’ve saved up a larger down payment. However, keep in mind that lenders typically consider anything that is 4 units or less to be an SFR, so you can purchase a 4 unit building for as little down as you would a house. Of course, the main risk of investing in an SFR comes from the simple fact that if the property goes vacant you are covering 100% of the mortgage payment, taxes and insurance.
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With the 2018 hurricane season starting June 1, what can owners and property managers do to ensure that their communities are as safe as possible in the event of a major storm? The most important step, industry professionals say: Have a plan in place.
According to Enterprise, an up-front investment in the long-term resilience of a housing property yields financial protection against future losses. Each dollar invested in pre-disaster mitigation leads to an average $4 savings from avoided damages, as stated in Enterprise’s report Strategies for Multifamily Building Resilience.
Relocating electrical panels, mechanical equipment, gas and electric meters, and shut-offs to higher ground can pay dividends in the long run. Moreover, sealing cracks or openings in walls and the foundation and installing sump pumps will shore up a property in the event of a flood. Also, Enterprise advises, operators should install in flood-able spaces building materials—including framing, wallboard, flooring, and ceiling paneling—that can survive water exposure without causing major damage, promoting mold or mildew, or absorbing contaminants.
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