Maven Realty LLC
Arielle Biscayart, Maven Realty LLCPhone: (305) 303-1218
Email: [email protected]

Key Tips For Investing In Multifamily Buildings

by Arielle Biscayart 06/25/2021

Mutifamily buildings are usually very popular, despite the ups and downs of the real estate cycles as well as the impact of the pandemic on the residential rental market. Everyone needs a roof and everybody is not able to own his or her  own home.

Moreover, the millenial generation has graduated and entered the workforce; adding an additional demographic group as potential tenants for multifamily buildings.

These properties are popular, therefore competitive and they can bring a smart real estate investment opportunity if you include these tips in your search and purchase process :

- Define your goal : are you looking to hold onto the property for a few years while you enjoy receiving its rental income or are you looking to purchase a property that needs to be upgraded, renovated or put up to current building code and resale with a profit within 2 or 3 years ?

- Choose your area based on easy access to shops and grocery stores, public schools, public transportation and major streets or roads.

- Find out about the vacancy rate of each building and try to figure out why it is very low or very high ?

- Study various factors in order to decide if this is the right investment for you : current rents and tenants, term of existing leases, current condition of the property, including the roof, number of electric meters etc...

- Update current revenues and expenses with more realistic numbers. For example, the amount of property taxes will clearly increase after the purchase, especially if the seller has owned the property for several years. Also, if the current seller has a fairly basic property insurance policy, you may want to get an actually quote from a reputable insurance company to get a realistic cost for property insurance. 

- Work with a real estate agent who will take these factors into account and will be truly able to understand your investment goals.

If you would like to get more information about multifamilies or if you are looking for your next investment, feel free to reach out to me :

Arielle Biscayart - Maven Realty

Ph : + ( 1 ) 305-303-1218 - [email protected] - @ariellebiscayart on Instagram - arielle_sells_miami on TikTok

 

 

Photo by Xin for Unsplash

About the Author
Author

Arielle Biscayart

Arielle Biscayart was born in Rome, Italy, raised in Paris, France, and moved to the Miami area in 2004.
Since becoming a South East Florida resident, Arielle has been a Florida licensed real estate agent, involved in the growing local arts community. She has been offering her real estate consulting and sales services in the Fort Lauderdale, Hollywood, Aventura, Miami Beach, Miami, and Allapattah areas since 2005.
Speaking four languages ( English, Spanish, French, and Italian ) helps her market her service a portfolio of local and international clients.