Not sure if multi family is for me: turnover?

Rental Property Investor · Seattle, WA · Member since 2014 · 1k+ posts · 1k+ votes

I have a four plex under contract and have some hesitations about how involved I will have to be. Seems like the tenants have not been there that long. I have seen that apartment rentals turn over more often, about 9 to 12 months or so in the past at other places I've watched like a hawk.

Right now my single family houses have long term tenants in them. Many have been there 3 years and counting. Hardly ever call me. Hardly any turnover.

Now with a four plex I worry about having to constantly deal with turnover, coin operated laundry, etc.

I'm not sure if it's worth it or not.

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Dennis M.

Rental Property Investor · Erie, PA · Member since 2018 · 6k+ posts · 9k+ votes

Worry is paying interest on debt you don’t owe . You may get tenants that stay for years . Stop worrying about things like this and worry about screening tenants ! That’s how you mitigate vacancy - by getting the right tenants in place ! People worry because of a lack of any control . Well stop doing that ! ..because you do have some control in this situation

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Jeremy TaggartBusiness Member
Real Estate Agent · Pittsburgh, PA · Member since 2014 · 850 posts · 646 votes
8y
@Jack B. There are pluses and minuses for both. Multi family tends to have better cash flow, but yes you are correct that it tends to have more turnover as well. I wouldn't necessarily say you are way more involved with apartments, but with more units/tenants you are going to be spending more time on it. A pain in the *** tenant can come in a multi family or a single family. I wouldn't necessarily say one gives you better tenants than the other. That comes down to location and amenities in my opinion. It's all a matter of what you are looking for and how hands on you want to be. If you get good tenants in your 4 unit that will greatly decrease how involved you will have to be. What it comes down to is the numbers and what you are trying to achieve.
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Dennis M.
Rental Property Investor · Erie, PA · Member since 2018 · 6k+ posts · 9k+ votes
8y
Worry is paying interest on debt you don’t owe . You may get tenants that stay for years . Stop worrying about things like this and worry about screening tenants ! That’s how you mitigate vacancy - by getting the right tenants in place ! People worry because of a lack of any control . Well stop doing that ! ..because you do have some control in this situation
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George Lay
Rental Property Investor · Vancouver, British Columbia · Member since 2018 · 53 posts · 18 votes
8y
One thing you might look into is paying for property management. A good one will take care of filling units with low maintenance tenants cause they want to spend as little time and effort getting paid as possible. Well worth it to outsource the stress in my opinion.
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