Purchasing a home is one of the best investments you can ever make. For starters, with a real estate property under your name, you have something tangible to represent all your hard work. It is a rewarding and self-gratifying experience. Moreover, real estate ownership ensures you and your loved ones always have a place to call home.
Did you know, however, that investing in certain properties not only gives you home ownership rights but business ownership opportunities, as well?
There are many different types of properties that you can choose to invest in, other than the traditional single-family variant. With a multi-family property as your investment, not only will you reap the benefits of having your very own residence, but also a source of passive income in the form of rental payments.
In other words, investing in a multi-family property gives you the opportunity to take tenants in, whether for short- or long-term rent.
Loan availability for such housing options
As a home buyer, you will find financing programs that will give your buying budget a boost to secure a multi-family dwelling. A good example is the HUD 221d4 loan; a type of mortgage that the Federal Housing Administration insures. You’ll also find Freddie Mac multifamily loan programs designed to give home buyers the chance to become landlords, as well.
There are plenty of reasons to invest in a multi-family property. Home ownership aside, it gives you more income options. Keep in mind that there are still a lot of people in the country who prefer to rent, whether due to personal or financial reasons, which means that you have a high likelihood of finding tenants. If your property qualifies for certain government housing programs, you can choose to list it and expand your list of prospective tenants.