If you’re getting ready to purchase your first home in Chicago, you may want to consider the advantages of leveraging your money through the use of a multifamily property. This can be especially appealing to young families just getting started out or busy couples/singles on the go.
So let’s review some of the top benefits of multifamily investing: First, by purchasing a 3 or 4+ unit within a desirable Chicago area, you will immediately start reaping the benefits of home ownership and collecting strong investment income. By finding reliable tenants, you will be able to cover up to a half or more of your mortgage payments.
And you will be consistently paying down principle and building up great equity. When the time comes to upgrade to a different property, the consistent income from you multi-unit home will help to cover a portion of your new mortgage, plus you will already be on the path to building your investment portfolio. Additionally, instead of driving across town to keep up with maintenance and tenant issues, you will essentially be your own on property manager. This makes it infinitely easier when trying to collect rent or conduct showings, and you don’t need to pay another party to keep up with your home.
Next, in today’s Chicago Real Estate market, cash flow is of the utmost importance. Nothing is worse for a new investor then when the property goes vacant for months. With a multifamily unit, you can alleviate the fear of being stuck with the full amount of mortgage payments, because typically your home should be at least 50% occupied.
Finally, you will be learning the ins and outs to one of the most effective investment strategies available. Purchasing your first Chicago multi unit will teach you all about how to buy, repair homes, market your property to tenants, collect rent, and how to invest your income into future properties. Therefore, it is worth considering a multifamily home for your first purchase. Before choosing a Chicago neighborhood to live in and searching for a property that fits your needs, it will be to your advantage to consult an experienced Chicago Realtor that can give you professional guidance.
Contact us today to start learning more about the opportunities available to you and to discover where you can make a wise investment for your financial future!
Goran Utvic, Chicagoland Brokers Inc
Chicago Real Estate Broker
Chicago Real Estate For Sale: