I initially built my business buying single family homes and I was able to create a successful business doing so, however, I could have gotten there MUCH faster had I been buying mutlifamily properties from the beginning. In my opinion, these provide the most profitable cashflow consistently AND you don't need to worry as much about vacancy as you do with a single family home. As an example: If your tenant in your single family home leaves and it takes you 3 months for turnover and to find a new tenant, you have zero cashflow coming in to cover those expenses. However, with, lets say, a 4-unit, if one tenant moves out...you have 3 more still paying all the bills and covering expense...pretty cool, right?! What's not cool, is if you choose to invest in this asset class and start sabotaging all of these new and improved strategies by deciding to take short cuts on managing your business. It is imperative you have the right team(s) and resources in place to manage a multifamily. Check out today's episode for key tips on how to ensure success within your portfolio.
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