Are you letting these 3 misconceptions stop you from buying your first multi-family property?
Misconception #1: I Can’t Afford It!
The reality is there's dozens of loan programs designed to help you get in for as little as 3.5% down.
Leveraging the rental income from the apartments helps you qualify for a higher purchasing price.
Really, there are a lot of qualified experts that can help you navigate financing once you find the right investment for you.
Misconception #2: I’ll Have to Deal with Bad Tenants!
Bad tenants are rarer than you think, and can be avoided with a good screening system.
If possible, meet potential tenants in person or have a trusted property manager do so for you.
Looking at the facts will help ensure you find qualified people: run their credit, employment, and rental history.
Ultimately, you decide who you rent to. If you take the time to make a good decision, you’ll reap the benefits. Truthfully, some of my closest friends started off as my tenants!
Misconception #3: I’ll Have to Manage the Repairs Myself!
Managing repairs is not the same as doing them yourself.
You can give tenants a list of contractors or use the Thumbtack app and tell them to send you the bill.
If you invest in the right property, ideally you won’t have major repairs to deal with after tenants move in. Most maintenance will be general upkeep that can be delegated.
Staying organized can help you take care of your property before something breaks or needs immediate attention. Some contracts offer maintenance plans and will regularly remind you when it’s time to take action.
With the right guidance and support along the way, you don’t have to let these misconceptions stop you.
