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MULTI- FAMILY HOMES

Lately, I’ve been getting lots of calls for legal 2-family and legal 3-family homes. Multi-family homes have become especially attractive lately as mortgage rates have increased. They are a great help with the family budget and occasionally with babysitting and other errands/chores. Investors tend to concentrate on shopping for these homes, as well. Currently, I have a few investors looking in addition to people looking to build equity instead of paying rent.

Frequently, multi-family homes come with tenants living in them. This can be great, providing a built-in income for the new owner from someone who’d like to remain a tenant in the property after it is sold. Also, the new owner wouldn’t have to advertise (or otherwise search) for a new tenant. However, if the new owner needs extra space then he can dictate that the house be sold and delivered EMPTY. This can be written into the purchase contract. The existing tenant would be given plenty of time to find a new apartment before the closing date on the sale of the property.

Mortgages can sometimes be a bit different for multi-family dwellings. You’d probably need a 20% down payment (although this can vary a bit – larger or even smaller). I have some excellent inventory now at attractive prices. See my Rockaway Times advertisement in today’s paper or view my website. Call me. Love, Robin.

By Robin Shapiro

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