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Phoenix is the most populated city in, as well as the capital of, the state of Arizona. Home to nearly 4.5 million residents, Phoenix is the 5th largest city in the country by way of population. The cultural center of Arizona, Phoenix has seen steady growth over the last 40 years or so, and continues to be a popular choice for buyers from all around the county.
Along with a large population, there is a large need for housing to accommodate. Like many urban cities a popular housing option is multifamily homes.
A multifamily home refers to a residential home or building that contains more than one unit. There are a wide range of housing styles that could be umbrella’d by the term “multifamily” home. A duplex, triplex, fourplex, and apartment buildings can all be considered multifamily homes. The configuration can range as well from units that are side-by-side or stacked on top of each other.
Real estate options for multifamily homes in Phoenix are quite varied and encompass a number of styles. The majority of properties for sale in Phoenix that feature more than one residential unit are single or two-story buildings ranging between 2 and 6 units.
The city is home to larger buildings as well, generally low to mid rise, that offer potential for large investments and ways to build one's real estate portfolio. Within the downtown core and urban areas, multifamily homes typically take on the form of large high rise buildings with many units.
Phoenix has been a steadily growing city and despite seeing signs of other areas slowing down, that has not been in the case here. With an influx of new residents, there is an increased demand for real estate options, particularly rental properties. The city has continued to see strong development in multifamily real estate construction with many apartment buildings, condominium communities and other options popping up all around.
It may seem logical that multifamily homes are mainly concentrated in the urban centers of the city. While this may be true for high-rise apartment and condominium buildings, Phoenix multifamily homes can be found throughout the city and in a number of suburban style neighborhoods as well.
On the somewhat rare occasion that a high-rise apartment building or condo community in Phoenix does hit the market, chances are it will be in the downtown area. As for duplexes, triplexes, 4-plexes and others, they can be found spread out around the city.
Neighborhoods such as Garfield, Melrose District, Midtown, ,Uptown, Encanto, , Palmcroft and many more have a high concentration of multifamily homes throughout their communities. Not specifically designated to one section of town, and due to the high demand of rental housing in the city, one can pretty much find a multifamily housing unit in just about every neighborhood in the Phoenix-Metro area.
There are a number of reasons why potential buyers are looking at multifamily homes for their next purchase. Typically, large apartment buildings and condominium communities are purchased by corporations or large real estate investment firms. That being said, as long as there is the means to purchase, these sales are available to any buyer.
Most commonly, multifamily homes that frequently make their way onto the market are smaller buildings. These are great real estate opportunities for seasoned investors and those just making their way into the market. Whether a duplex that will act as part primary residences, part rental income or a larger purchase that is solely for income generating purposes, multifamily homes have historically been a solid investment.
Buying a multifamily home is a great way to build equity, invest in real estate and build your portfolio, however, unless you have a substantial amount of cash readily available, chances are you will require financing. There are a number of things to consider when financing a multifamily home.
First, you will need to know what type of property you are purchasing. Depending on the size of the home you may fall under a different qualification process. For example, many lenders will consider a duplex, triplex or even a 4-plex as a residential mortgage, however, once you make your way into large buildings with more units, that can be considered a commercial property and the lending requirements will be different.
Other considerations include whether you intend to reside in one of the units. If so, you may qualify for an owner-occupant mortgage. If you are solely looking for an investment property you would be staying with a conventional mortgage. Keep in mind, these differences may affect down payment requirements.
Once you’ve narrowed down the type of mortgage or financing required, ie. residential vs. commercial, you will have to be approved by a lender. There are 3 different ways you can finance your purchase.
When discussing your financing options with a lender, mortgage broker or bank, it's important to note that you are able to use your rental income to help qualify for your loan. This is especially beneficial to larger properties with many tenants as income can be quite substantial.
The team at getMULTIfamily.com are experts when it comes to multi-family real estate and have worked with numerous buyers and sellers over the years. Specializing in duplexes, triplexes, fourplexes and other multifamily homes, Get Multifamily is the obvious choice when considering your next purchase or sale.
Get Multifamily is led by Patrick O’Sullivan, who, after acting as a real estate advisor for U-Haul, began an impressive real estate career where he was named Agent of the year, earning the prestigious CCIM (Certified Commercial Investment Member) designation.
Whether you are venturing into the world of real estate investing or are growing your portfolio, Patrick O’Sullivan and Get Multifamily will help you achieve your goals.
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