As an investor, you are probably looking for properties that will earn you the most money. However, if you are only buying one type of property, you are really limiting yourself. One option you should consider is multifamily residences. These can be some of the best investment opportunities out there. 

Multiple Income Streams

With multifamily residences you are getting so much more than a simple investment. They have top earning potential because they are like multiple deals in one. Instead of one property that you can rent to one renter, you have multiple renters. It provides an ongoing income each month. When a tenant moves out, you still have the remaining tenants paying rent, so you aren’t left with any gaps in income while you are trying to find a new occupant. 

Easier Management

With this type of property, you only have to manage one location. It makes things much easier on you because you don’t have to go all over town to handle maintenance and repairs. You also can hire just one property manager, which reduces your overhead costs. 

More Earning Potential

Another great benefit is the ability to increase your income. With a single family property, there isn’t much you can do to increase your income beyond rent. With a multifamily property, though, there are ways to increase your income by adding amenities, like a laundry room. In addition, by adding things like security cameras and landscaping the property, you are able to make your property much more attractive. This leads to longer term renters and helps keep your property from experiencing vacancies. 

A Solid Investment

Beyond all the basic benefits you’ll get right away from your investment, there are also benefits for the long term. Once you get the property rehabbed and move renters in, you are building a solid investment property. If you maintain the property and show that it is attractive to renters by keeping long term occupants, the property will be super easy to sell. Plus, it should increase in value. If you go to sell in the future, you’ll likely make a tidy profit.

Multifamily residences are just one investment option. However, they offer many benefits that you can’t get with other types of properties. As long as you put in the work to create a property that is appealing to renters, it also becomes a really great money maker. So, if you haven’t taken a look at this type of property before, now might be the time to get your foot in the door.