Investing in multi family properties

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Jorge VazquezBusiness Member
Real Estate Broker · Tampa, FL · Member since 2017 · 1k+ posts · 684 votes
2mo

Based on my 25 years of experience, multifamily properties don’t solve every vacancy problem. Tenants in condos are often going through a transitional period, so they may not stay as long. Unless you have real economies of scale—around 10 units or more—the vacancy advantage may not be as significant as it appears. Single-family homes often attract longer-term tenants and stay occupied longer. That’s the multifamily paradox: more units can spread the vacancy risk, but you may also experience more frequent turnover.

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  • Tyler MccleanPro Member
    Investor · Nassau County, NY · Member since 2022 · 88 posts · 21 votes
    3mo

    Are you working with a lender yet?

    0Reply
    • Dennis MinaryPro Member
      OP
      Homeowner · New Port Richey, FL · Member since 2025 · 23 posts · 17 votes
      2mo

      @Tyler Mcclean I have a lender at the moment but we will see what happens 

      0Reply
  • Vijay FriedmanBusiness Member
    Miami, FL · Member since 2026 · 766 posts · 122 votes
    2mo
    Quote from @Dennis Minary:
    I am looking to invest in multi family properties. It seems to be a better fit to avoid vacancy issues and to generate cash flow. Looking to connect with agents / investors.

    @Dennis Minary
    Multifamily can be a great way to spread vacancy risk and build cash flow. Connecting with experienced local agents and investors is a smart first step. Once you narrow down a target property, it's worth exploring financing options early so you know exactly what your buying power looks like. Best of luck!

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  • Stacy RaskinBusiness Member
    Lender · Member since 2022 · 1k+ posts · 498 votes
    2mo

    There are different DSCR lending programs for 2-4 units that have easier underwriting compared to DSCR loan programs for 5-8 units. There are other programs for 9+ units. Happy to connect to discuss further.

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  • Gabe OrlanskyPro Member
    Lender · Miami, FL · Member since 2026 · 21 posts · 4 votes
    2mo

    Hi Dennis, multifamily is a great space to be in. What markets and property sizes are you focusing on? I work with investors on financing, so I'm always interested in connecting with people growing their portfolios.

    0Reply
  • Ismael ReyesPro Member
    Rental Property Investor · Port St. Lucie · Member since 2013 · 137 posts · 96 votes
    2mo

    Good to have you here.

    You’re right on multifamily. When it’s structured properly—strong market, solid operator, and disciplined underwriting—it tends to outperform because you’re solving for both stability and scale, not just appreciation.

    Happy to connect and share perspectives. What markets are you currently focused on, and what size of deals are you looking to get into?

    1Reply
  • Arman AhmedPro Member
    Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2024 · 2k+ posts · 916 votes
    2mo
    Quote from @Dennis Minary:
    I am looking to invest in multi family properties. It seems to be a better fit to avoid vacancy issues and to generate cash flow. Looking to connect with agents / investors.

    Hey Dennis, you’re on the right track with multifamily for exactly that reason, more stability and less vacancy risk. If you’re open to looking outside your immediate area, a lot of investors I work with are finding stronger cash flow and better entry prices in Midwest markets. You can still get solid small multis there with value-add upside and real cash flow from day one. Happy to connect if you want to compare opportunities or get plugged into deals and local teams.
    [email protected]614-418-6081
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    • Dennis MinaryPro Member
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      Homeowner · New Port Richey, FL · Member since 2025 · 23 posts · 17 votes
      2mo

      @Arman Ahmed how are you ? I do recall you reaching out to me last year sometime. My multi family search has been in GA but unfortunately the market is slow . I believe your in Ohio . I am looking for a quadplex with positive cash flow on day 1 . 

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  • Frank PyleBusiness Member
    Specialist · USA · Member since 2024 · 279 posts · 130 votes
    2mo

    Multi-family can be a great strategy for investors looking to reduce vacancy risk and create more consistent cash flow.

    I work with investors who are evaluating small multi-family and apartment opportunities, especially in the Indianapolis market. Through Investor's Edge Concierge, we help review the deal from the financing and investment side, including rents, cash flow, DSCR, rehab needs, exit strategy, and the best loan structure.

    If you are looking at multi-family opportunities or want help evaluating whether a deal actually makes sense, I’d be happy to connect.

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  • Sam McCormackBusiness Member
    Real Estate Agent · Cincinnati, OH/NKY · Member since 2021 · 1k+ posts · 833 votes
    2mo
    Quote from @Dennis Minary:
    I am looking to invest in multi family properties. It seems to be a better fit to avoid vacancy issues and to generate cash flow. Looking to connect with agents / investors.

     Are you looking anywhere? Just TN? Cincinnati has been doing a bit better in terms of cash flow the last few months from what I see

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    • Dennis MinaryPro Member
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      Homeowner · New Port Richey, FL · Member since 2025 · 23 posts · 17 votes
      2mo

      @Sam McCormack I am definitely keeping my options open to other markets. The Midwest is a market I could potentially invest. 

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    • Dennis MinaryPro Member
      OP
      Homeowner · New Port Richey, FL · Member since 2025 · 23 posts · 17 votes
      2mo

      @Sam McCormack I have been looking into GA for a bit but unfortunately no real deals there yet . 

      0Reply
    • Sam McCormackBusiness Member
      Real Estate Agent · Cincinnati, OH/NKY · Member since 2021 · 1k+ posts · 833 votes
      2mo
      Quote from @Dennis Minary:

      @Sam McCormack I am definitely keeping my options open to other markets. The Midwest is a market I could potentially invest. 


       If you are interested in Cincinnati, let me know. Should be able to find you something here depending on your price range

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  • J CastroBusiness Member
    Lender · Florida · Member since 2025 · 673 posts · 240 votes
    2mo

    @Dennis Minary, multifamily can be an excellent strategy for investors focused on long-term cash flow and portfolio growth. From a lender's perspective, one of the biggest advantages is that multiple units can help diversify your rental income. Even if one unit is vacant, the remaining occupied units can continue generating income to help offset expenses.

    That said, it's important to evaluate more than just the number of units. We encourage investors to look at:

    • The property's current and projected cash flow.
    • Occupancy history and tenant stability.
    • Deferred maintenance or capital improvement needs.
    • Market rents versus actual rents.
    • The local market's economic and population growth.

    A great multifamily investment isn't just one that fills up quickly—it's one that continues to perform well through different market cycles.

    If you're just getting started, assembling the right team—including a knowledgeable real estate agent, lender, and property manager—can make a significant difference in finding and financing the right deal.

    Best of luck with your search! If you ever have a property under contract and would like to discuss financing options or review the numbers before you move forward, I'd be happy to help point you in the right direction.

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  • Jeff Roth
    Real Estate Consultant · Ann Arbor, MI · Member since 2022 · 461 posts · 250 votes
    2mo

    Hi Dennis from New Port Richey, FL-

    Congratulations! You believe investing in multifamily properties is the way to go to avoid vacancy and cashflow issues.

    I agree and you can start with duplexes in a market like Lansing, MI for around $140,000 and rents of $1,000-$1,1000 per unit for two bed units. Recommend two bed units with some storage like a garage or basement to reduce the turnover that comes with smaller units and less storage.

    To Your Success!

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  • Jorge VazquezBusiness Member
    Real Estate Broker · Tampa, FL · Member since 2017 · 1k+ posts · 684 votes
    2mo

    Hi Dennis, I’m also in the Tampa Bay area and have been investing here for more than 25 years. Multifamily can be a great strategy for cash flow and reducing vacancy risk. I currently have two multi-unit properties coming to market soon. Let’s connect,I would be happy to learn more about what you’re looking for and see if either one might be a good fit.

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  • Jorge VazquezBusiness Member
    Real Estate Broker · Tampa, FL · Member since 2017 · 1k+ posts · 684 votes
    2mo

    Based on my 25 years of experience, multifamily properties don’t solve every vacancy problem. Tenants in condos are often going through a transitional period, so they may not stay as long. Unless you have real economies of scale—around 10 units or more—the vacancy advantage may not be as significant as it appears. Single-family homes often attract longer-term tenants and stay occupied longer. That’s the multifamily paradox: more units can spread the vacancy risk, but you may also experience more frequent turnover.

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  • Benjamin AakerPro Member
    Rental Property Investor · Brandon, SD · Member since 2015 · 1k+ posts · 1k+ votes
    2mo
    Good on you looking to get into multifamily. The economy of scale is great. Start small ~8 units and move up from there. 
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  • Daniel Arturo Salcedo Calderon
    Wholesaler · FL · Member since 2026 · 1 post · 0 votes
    2mo

    Hi Dennis,

    I think multifamily can be a great strategy, especially if consistent cash flow is your priority. Out of curiosity, are you looking at smaller multifamily (2–4 units) or larger apartment buildings?

    I'm always interested in connecting with other Florida investors and exchanging ideas.

    Looking forward to hearing more about your goals.

    0Reply
  • Rick Stout
    Realtor · Tampa/ St. Petersburg MSA · Member since 2018 · 25 posts · 13 votes
    2mo

    Hi @Dennis Minary - Multifamily is a great strategy. It is how my Wife @Amber Stout and I got started in Real estate investing in 2019 with house hacking throughout St. Pete. Currently own 7 rentals units, multiple pieces of land and commercial property in FL. After reading the comments for context it sounds like you are looking to purchase out of state possibly at a lower purchase price and for better cash flow, vs here in Pinellas/ Pasco/ Hillsborough. Noticed you're local in New Port Richie. I think there can be great local opportunities as well, but comes down to your risk tolerance, and strategy. Are you buying mostly for cashflow, cashflow & appreciation, or mostly appreciation (Which I don't recommend as we don't have a crystal ball.) Multifamily definitely helps with Vacancy as there are more units vs sing family where vacant is 100% vacant, but it also increases your tenant base and management capacity if self managing. I am always going to vote for Multifamily over single family due to economies of scale, vacancy, Lower capex per tenant (assuming one building) and would focus on areas around growth so I can stack cashflow with appreciation, take advantage of depreciation and debt pay down from the tenants. Happy to connect if you want to dive deeper. 

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  • Kerlous TadresBusiness Member
    Realtor · Columbus, OH · Member since 2023 · 1k+ posts · 1k+ votes
    2mo

    Multifamily is absolutely the right move if cash flow is your priority. From my experience, even a duplex gives you a built-in buffer since one unit covers most of your expenses while the other is pure upside. Feel free to connect; I'm an active investor in Columbus and work with investors across the country who are targeting the Midwest for exactly that reason.

    [email protected]614-490-1163
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  • Jimmy LieuBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2019 · 3k+ posts · 2k+ votes
    2mo
    Quote from @Dennis Minary:
    I am looking to invest in multi family properties. It seems to be a better fit to avoid vacancy issues and to generate cash flow. Looking to connect with agents / investors.

    Great question and welcome! Multifamily can be a great way to build cash flow since one occupied unit can help offset the vacancy of another, but I'd still make sure the numbers work and not buy just because it has multiple doors. Getting connected with local investors, agents, and property managers is one of the fastest ways to learn what makes a good deal in your target market. If you're still deciding where to invest, Columbus has been an interesting market to watch with its steady job growth, population growth, and plenty of smaller multifamily opportunities that still make sense for long-term rentals. Happy to connect and answer any questions you have!

    [email protected]614-300-7535
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  • Ashish AcharyaBusiness Member
    CPA, CFP®, PFS · FL · Member since 2017 · 5k+ posts · 3k+ votes
    2mo

    @Dennis Minary, Multi-family is a smart lean for exactly the reason you mentioned, spreading vacancy risk across multiple units instead of an all-or-nothing single-family rental. From a tax side, it's also usually a stronger cost segregation candidate than a single-family home, more units means more shared systems (HVAC, plumbing, common area improvements) that can potentially be broken out into shorter depreciation classes, so it's worth running a cost seg study once you close rather than defaulting to straight-line depreciation on the whole building.

    Property size also affects your tax picture more broadly, once you're at 4+ units, you're often looking at commercial financing rather than residential, which can change loan structuring and how you'd eventually want to hold title (individually, LLC, etc.) for both liability and tax purposes. Material participation is also worth thinking about early if you're planning to self-manage, that's what determines whether any early losses can offset your other income versus sitting suspended. Worth getting a CPA involved before you make an offer so the entity structure and depreciation strategy are set up right from day one. Happy to connect!

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  • Mike PaolucciBusiness Member
    Realtor · Columbus Cleveland Dayton, OH · Member since 2022 · 492 posts · 550 votes
    2mo
    Quote from @Dennis Minary:
    I am looking to invest in multi family properties. It seems to be a better fit to avoid vacancy issues and to generate cash flow. Looking to connect with agents / investors.

     Multi-family will always be a better fit to avoid vacancy and the burdons that come with that. It will also come with a trade-off as well. That being more wear and tear on a property with higher maintenance costs as a result. No matter how you slice it, it will ultimately fall onto you to figure out which route you want to go and what your risk tolerance is. 

    Happy to chat further about some of my own experiences owning everything from 1-6 unit properties. 

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  • Ismael ReyesPro Member
    Rental Property Investor · Port St. Lucie · Member since 2013 · 137 posts · 96 votes
    2mo

    Welcome to BiggerPockets! Multifamily is a solid asset class, it offers strong cash flow potential and helps reduce vacancy risk compared to single-family investments when managed well.

    Happy to connect and exchange insights. Wishing you success as you grow your portfolio, and feel free to reach out if you'd like to discuss multifamily investing or compare notes on the market.

    0Reply
  • Eric Power
    Member since 2026 · 11 posts · 3 votes
    2mo

    Hi Dennis, experienced owner/operator here. Former GP of a Private Equity Fund and Property Management operator of 26 properties across 6 states with a total of 2,300 +/- units.

    A lot of bullish feedback here. I'd like to give you a bit of a nuanced take...

    First, everything depends on your investment objectives. Are you looking for wealth creation or wealth preservation? Is this a cashflow play? Are you looking for arbitrage (opportunistic/value add), or core?

    What asset class within multifamily? Apartment communities? Manufactured Home communities (trailer parks)? 

    Apartment and MH are both mature markets and highly consolidated. Too much money chasing too few assets and the few mom and pop owners that remain know what they have now so the upside is being priced in. Cap rates are highly compressed, and a decent ROI/ROE are tough to achieve. Both of these asset classes are no longer fragmented in a material way, so if you are looking at aggressive acquisition and growth, you will certainly be fighting an uphill battle.

    Now, there are two interesting asset classes that you may want to consider.

    RV Parks and marinas. Marinas more so than RV Parks. A lot of mom & pop owners that are aging out and both domains are fragmented.

    What are you looking to achieve?

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  • Eric FernwoodBusiness Member
    Realtor · Las Vegas, NV · Member since 2014 · 993 posts · 1k+ votes
    2mo

    Hello @Dennis Minary,

    The best property for you depends on your long-term goal.

    If your only objective is initial paper cash flow, a multifamily property may make sense. However, there are several important considerations.

    • The “built-in backup income” argument sounds reassuring, but it often does not hold up in practice. A 4-plex has four income streams, but the projections usually assume all four tenants are paying. If one unit becomes vacant, the income from the other three may not cover the mortgage and operating expenses. The shortfall comes out of your pocket. You also have four leases that can expire, four tenants who can stop paying, and four units that can require repairs. Vacancy risk does not necessarily quadruple, but your exposure increases. More units create more opportunities for lost income, turnover, and unexpected expenses.
    • Maintenance is also multiplied. A 4-plex may have four HVAC systems, four sets of plumbing fixtures, four kitchens, and four sets of appliances. My first investment property was a 4-plex. It looked outstanding on paper, but it ultimately lost more than $1,000 per month.
    • Another concern is why the owner is selling. In more than seventeen years of working with investors, I have rarely seen an investor voluntarily sell a truly strong-performing multifamily property. Owners usually sell because the property is losing money, has serious problems, or requires more time and capital than they are willing or able to provide.
    • The listing agent may present an attractive story, but you must independently verify the rents, expenses, leases, maintenance history, vacancy, tenant quality, and property condition.
    • In Las Vegas, the tenant segment attracted to multifamily is almost exclusively singles or couples with no children. Their average length of stay is less than one year. There are frequent evictions and lease skips. Hopefully, things are better where you are planning to invest.

    Most importantly, your investment should match your long-term objective.

    If your goal is to create a monthly paycheck that lasts twenty to forty years, your rental income must grow faster than inflation. Rent growth and appreciation are not primarily property features. They are city features.

    Think of a city as a harbor, with rents and property values as boats floating in it. Population growth is the tide. When more people move into a city, housing demand rises. If demand grows faster than supply, rents and prices increase. When population growth slows or declines, rent growth often stalls because there are more available homes relative to the number of people who want them.

    Even an excellent property can only perform as well as the city and tenant segment the property attracts.

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    • Dennis MinaryPro Member
      OP
      Homeowner · New Port Richey, FL · Member since 2025 · 23 posts · 17 votes
      2mo

      @Eric Fernwood if you don't run your numbers conservatively that can happen to anyone. 

      0Reply
  • Jamie Parker
    Real Estate Investor · Memphis, TN · Member since 2016 · 404 posts · 131 votes
    2mo
    Quote from @Dennis Minary:
    I am looking to invest in multi family properties. It seems to be a better fit to avoid vacancy issues and to generate cash flow. Looking to connect with agents / investors.

     In my market there is a 10 unit apartment that I am interested in for very different reason as the 75 unit across town. I could self manage the 10 unit, but the 75 unit has onsite management, and  maintenance. While the margins would be better if there was a 100 unit with onsite management and maintenance. With an operational partner, the 200 unit in a different market would be a better deal for what I am looking for in a multifamily asset.

    Value Add is always a bonus but in the recent years assuming that granite countertops will get you 15,18,2100/m could cost you. 2-8 units if 100% occupied can be great, but in terms of multifamily i would rather a 50+ unit at 90-95% vacancy, over 2-8 units with 1 unit vacant. 

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