Greenville has long been an emerging market for multi-family properties. Whether you’re a new rental property owner, an experienced investor, or anything in between, there’s a lot to be gained outside of the single-family market. In Greenville, you can buy a handful of units in a large apartment building or select a duplex, triplex, or small six-unit property.
Multi-family investments are a great idea in Greenville for a lot of reasons, and today we’re telling you why you should add them to your investment portfolio.
Stronger Purchasing Power in Greenville
When you think about the number of units you can purchase with the same amount of money that you’d use to buy one single-family home, you can easily see one of the immediate benefits of multi-family investing in Greenville. The prices in this market are rising but still reasonable. Your acquisition costs will be much lower, making even a duplex or a small apartment building a far more cost-effective investment than a new construction single-family home.
Lenders are likely to give you better rates on your loan as well, thanks to the potential rental income you’ll be earning and the lower risk of foreclosure and default in multi-family units.
Lower Vacancy Risk with Greenville Multi-Family Properties
Vacancies are expensive, and as professional property managers, we do everything we can to avoid them. We want rental homes leased quickly and for the long-term. The good news with multi-family properties is that you automatically reduce your vacancy risk by investing in them. You own more units, which means you have more tenants and more rental payments.
If you lose one or two tenants, you can absorb that turnover a lot easier than you would with a single-family home, because there are still plenty of other tenants who are paying rent. It would take a major catastrophe for all of your rent to stop coming in when you’re a multi-family owner.
Cost-Effective Management and Maintenance
If you have an apartment building with 10 units, getting maintenance work done on those properties is a lot easier, cheaper, and faster than it would be to dispatch maintenance teams to the same number of separate single-family homes around Greenville. You can take care of preventative issues with a lot more efficiency when you have a multi-family building. Pest control can happen all at once, and so can roof inspections and landscaping. You won’t have to pay for multiple visits, and you’re sure to get volume discounts from the best local vendors and contractors.
Higher Cash Flow and a Larger Portfolio
With more units, you have more rent. This helps with cash flow and consistent rental income. You’ll be making money every month, which is slightly more complicated when you rent out a single-family home.
When you’re growing your Greenville real estate investment portfolio, investing in a multi-family property will move you closer to your goals than a single-family home. You’re able to bring in a handful of properties rather than just one. This gives your entire portfolio some diversity as well as extra strength.
Talk to us about your investment goals, and we’ll look for ways to make them happen. Contact our team at Letts Property Management.