I am new to Biggerpockets and Real Estate investing. I'm learning as much as I can right now on this site and reading books. I currently own a single family home that I bought in 2010. My Tenants pay $1500 and my mortgage is $1000. I want to starting investing in multifamily properties (I own one duplex that I live in and rent the other), so I am thinking of selling this home that I own $160,000. An identical home sold in the last 3 months in the area for $244,000. I would use this profit to purchase a multifamily property, that is a good deal of course. Any advice? is this a good move?
@Nicole Collins just keep this mind as you search for your Multi-Unit / MF property . . . the total gross rental income divided by the number of tenants / units = gross rental income per unit.
The LESS UNITS you own, the less gross income you will also have if you lose a tenant, for whatever reasons.
The MORE UNITS you own, the less losing a tenant will IMPACT your monthly gross income = BOTTOM LINE.
Thanks @Monique Rene Coates , that totally makes sense!
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