Multi-unit and multi-family properties are becoming more and more popular with investors in large cities where housing prices tend to soar. Instead of losing out on revenue when a home is vacant, a multi-unit property generally still produces a monthly income when a tenant leaves. This allows you to re-invest in the property and gives you some ample time to find a new tenant. In certain areas, smaller multi-unit properties (including duplexes) are reasonably affordable and can offer the investor their how affordable housing when other tenants are paying for the entire property. This gives the owner a place to reside for nearly no cost at all or having to pay a significant portion of the mortgage.
Multi-Unit real estate transactions are not necessarily easy and can come with an array of hurdles. At First Priority Escrow, we understand that multi-family escrow requires more attention than a standard residential real estate transaction. Our team of escrow officers have decades of experience with these complex transactions to ensure the escrow process moves quickly with no unexpected surprises that can delay closing.