We’ve all heard at some time or another that real estate is a great investment. It’s true—investing in real estate can be your key to financial freedom and the retirement of your dreams. Unfortunately, a lot of people make the mistake of conflating “great investment” with “easy investment.”
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Every real estate investor starts somewhere. Deciding how you want to invest is one of the toughest decision you’ll make in the beginning, and you’ll likely find yourself caught between a few big choices: commercial or residential real estate and, if residential, single-family or multifamily properties?
(We’re not here to debate the pros and cons between the types of investments. If you’re interested in that conversation, we’ve covered it extensively here!)
Single-family properties make up a massive portion of the investing market: they’re an easy place to start for new investors, largely because they’re more affordable than buying an apartment complex or an office building.
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In residential real estate investment, there’s always contention between investors that prefer single-family investment properties and those that prefer multifamily investments.
We’ll go ahead ahead and say this: absolutely every investor will have their own preferences. Every type of investment will have its own pros and cons, and what attracts certain people may not sway others. What might be your deal-breaking flaw might not be someone else’s.
That said, there are some very clear advantages and disadvantages between single and multifamily properties that should be considered. As a real estate investor, you may want to experiment and try it out for yourself!
Many investors choose to start with single-family properties simply because the barrier to entry is lower. Some prefer to invest in both, while others prefer to deal exclusively in multifamily housing. Others specialize in something else altogether!
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For counties and municipalities across the country, property taxes are the gift that keeps on giving. In both good and bad times, American cities and counties seem to find a way to burden their residents by raising these pesky levies. Since mortgage lenders often automatically shunt future property tax payments into escrow accounts each month, many equity-building homeowners don't even focus on the fact that they're paying hundreds or thousands of dollars per year to their local governments. This year, Shelby County, Tennessee, which is the county where Mepmphis is located, is assessing the value of every property and adjusting rates. Some are going up and some are going down. Event though we manage close to 1,600 single-family rental properties in Memphis, it makes sense to think about our own homes tax appraisal.