Multifamily apartment investing is is any property that has more than one unit. The smallest scale multifamily properties are duplexes, known as “two-families” in some parts of the country. Triplexes and four-plexes are the next step up, having three and four units each, respectively.
For instance, owner-occupied properties tend to qualify for more advantageous financing with lower interest rates and less of a down payment. By living on site, the investor can more easily manage the property. Most will even self-manage. This can save hundreds of dollars each month on property management fees. Sometimes an investor will buy a multifamily property without owner occupying it or hiring a property manager, which can make management more time intensive since it requires the owner to visit the unit in person for repair and maintenance requests.
Larger multifamily properties, those with five or more units, start to fall into the “commercial real estate” category. Properties with 5+ units typically qualify for a different type of financing, which is usually more expensive than properties that are considered strictly residential.
Joining us for our discussion on Multifamily Investing is Jerome Myers who is on the phone from from his Greensboro NC office. Jerome Myers is the preeminent authority of dream realization. A believer that dreams can, and should be real, Jerome left corporate America when he realized that his role offered financial gain, but little significance. He is the founder and head coach of Myers Methods and has been featured in Black Enterprise, Business Insider and numerous podcasts. After building a highly profitable division of a fortune 550 company, Jerome decided to leave the rat race to get away from what seemed to be the endless slew of layoffs. Today, he and his company help other apex performers find their calling and live every day on purpose by harnessing the power of his model for a Centered Life, what he calls “the Red Pill”. Jerome and his firms can guide any individual from a uninspiring existence to a life of fulfillment and impact.