I purchased my first 3-family home around 1995 on North Washington Street in North Attleboro Mass, and it was the best decisions I have ever made. It completly paid our mortgage and then some, allowing us to by the old Jerimars in Attleboro Mass and openning Wetherlaine's Restaurant & Pub. Buying a 3-family allowed my dreams to come true and eventually purchased a single family and keeping the 3-family. I highly recommend multi-family ownership and here are just a few reasons why.
1.Lower Risk Than Single Family Homes. Investing in multi family houses give you the same chance to own a property and risks are lower compared to single family homes. If you'll lose one tenant, you can still obtain monthly payment from other tenants. If you are a first time home buyer and live in it, chances are you will have a minimal payment or none at all because the tenants will be covering it.
2.Continuous Monthly Income. Investing in multi family houses have the potential to bring you more income than relying on just one tenant from single family residence.
3.Less Maintenance. They say there's more cash if you have multiple properties. But how are you affected if you have many single family homes to take care of? This will shake up your finances if you'll have to maintain each and every properties when you can do it all at one place. You'll simply have to manage a real estate property at a single location and yes, still generate more from this without having to get and maintain as many properties.
Consider investing in multi- family houses and you will see how beneficial it can be for you. I could tour mulifamilies all day and would love to help find the perfect one for you!