It might sound like a big undertaking to think of yourself as a real estate investor. For younger buyers, like millennials, it sounds like something that could be out of reach or only for older more well-established buyers. But the truth is, it’s more achievable than you may think. The key is to consider starting with the purchase of a multi-family home. A gateway into the world of real estate investing is to purchase a home with the potential for income.

A new generation of buyers now look at purchasing multiple family homes as a means of creating a steady stream of passive income. Along with some new and exciting financial incentives for mortgages, this could be a great option! This could mean a variety of scenarios for homeowners. 

Take a look at some of the creative options for millennial buyers thinking of purchasing a multi-family property.

• Traditional Millennial Landlord- This is a great way to dip your toes into the world of real estate investing. Owning a multiple family property is a great way to make income from renters. Being a landlord feels intimidating if you haven’t done it before, but there are smart options to make it less difficult. By working with a property management company, you can manage day-to-day issues that could arise from your properties. For a small fee, a management company handles regular operations and repairs that arise.

• Vacation Rental Owner- Sites like Airbnb and VRBO make it possible to rent a property to short term renters. This requires furnishing a rental property and advertising through the appropriate channels. Although it requires a bit more of a hands-on commitment, there are ways to delegate the work associated with a vacation rental. This is a creative way to turn your investment into a highly profitable moneymaker in areas with the demand.

• Live Onsite- Another way to make a rental income work for you, could be to live onsite. While living in one unit and renting the others, it’s possible to offset your own living expenses and make an income at the same time! Garage apartments, duplexes, or carriage house style rentals are all great ways to make this work for you! Whether you choose to rent the other unit or units as long-term or short-term is up to you. This is a creative way to make the prospect of becoming a real estate investor make even more sense financially.

Financial Incentives

Working with your agent and a trusted loan officer, it’s easy to find lots of home buying incentives that could make a purchase possible for you. This program makes it possible to purchase a home with only 3% for a down payment. This unique program makes it possible to purchase a home with up to four units while benefiting from the incentive. It could be a wonderful way to get into a multiple-family home for very little down.

Start Your Search Today

At the Silva Group, we want to help you make your dreams a reality. If you want to try your hand at the world of real estate investing, these homes are a great option for you! Check out these listings with multiple-family homes that are currently available under $350,000.

Search Philadelphia

Search Point Breeze

Search Fishtown

Search Northern Liberties

Search Graduate Hospital

Search Queen Village

Search Conshohocken  

Contact one of our agents today! We would love to help you find a great property that fits your needs.  

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