Find the newest fourplex home listings in Mesa, Arizona today! Located in the Phoenix Metro Area, Mesa is a beautiful city situated in Central Maricopa County. Mesa is a popular place to call home because of the great amenities, excellent list of things to do, and the healthy real estate market. With plenty of heat and sunshine, Mesa residents get to spend a lot of time outdoors enjoying the mountains, lakes, and parks. They also get to enjoy excellent schools, a variety of shops and restaurants, and being in a great location close to the big city of Phoenix. The city is great for drivers, transit-goers, and pedestrians alike, and there are plenty of awesome weekend-vacation destinations within hours from the area. For more information on real estate for sale in Mesa, Arizona, schedule a showing, call us today, or send us an email.
A fourplex is a variety of multi-family home that contains four separate properties. Typically they are situated into four condo-like suites, with two units above two bottom units. They are similar to apartments but in a medium-sized building. Fourplexes are ideal for those who need more space than duplexes and triplexes.
Fourplexes are an excellent housing option for those who are looking to live in one unit and rent out the other three. They are becoming more popular among Mesa residents, especially investors. Purchasing a fourplex with run buyers anywhere from $600,000 to $3 million. Properties are available all across the city in a number of great neighborhoods.
While fourplexes aren’t as popular as other multi-family home styles, there are several available in the Mesa area for interested buyers. Buyers will likely find fourplexes in Apache Wells, Nuestro, and Village Park Four. Apache Wells is considered one of the top Mesa communities, which is very desirable for most buyers.
Choosing to purchase a fourplex can be a big decision, and there are many great reasons to do so. If you’re a real estate investor, choosing a multi-family home is an excellent addition to your portfolio and a way to generate multiple streams of rental income. If you have a large extended family that requires a home, purchasing a fourplex could be an excellent solution for you and your family. If you are looking for a new home and want to generate some rental income, a fourplex is an excellent option. Many multi-family homeowners often live rent-free because the income from the other suites covers their expenses. While the initial cost of a multi-family property is more than a condo or single-family home, if you’re willing to take on the responsibility of being a landlord, a fourplex can be an excellent option. Whether any of these circumstances match your personal situation, it’s ultimately up to you, your budget, and your wants.
When it’s time to purchase your fourplex, you likely don’t have the cash on hand to buy the property outright. Choosing the best financing for you will depend on your situation. Doing a little research beforehand will equip you with the knowledge you need in order to get the best mortgage for your situation because there are plenty of options, and some are better than others. Depending on your property’s size, it may be considered residential or commercial, so that would be the first thing to determine. Working with a mortgage broker or lender with plenty of experience with or specializing in multi-family homes is ideal when purchasing a fourplex in Mesa. What you decide to do with the property will determine your loan, and each loan has different requirements to qualify. The differences may be small, but they are essential to know. There are three standard financing options.
If you plan on buying a fourplex and keeping one unit for yourself while renting out the others, the Federal Housing Administration or FHA loan is likely your best option. The FHA loan is tailored to those who are renting out the other units and is considered an owner-occupant loan. The significant benefits of this include a lower down payment, lower interest rates, and fewer requirements to qualify.
If you plan on renting out all four units and using the property strictly as an investment, you will need a traditional mortgage from your bank. Depending on your lender, you will require a high credit score, a larger down payment, and average interest rates. Since rental properties are at higher risk for banks, there are more stringent rules regarding them. Buyers can use the rental income generated towards qualifying for the loan.
Lastly, and specifically for current and former members of the U.S. Military, the Veterans Affairs or VA loan is ideal. For those who are and have served, this incredible program allows for those individuals to purchase a home without a downpayment, without excellent credit, and without private mortgage insurance. Buyers must reside in one of the units while renting out the others.
Looking for the ultimate guide to buying a fourplex? Check out our blog post here.
The GetMultiFamily.com team is here for all your buying and selling needs with your multi-family property. We have a long list of happy clients who have loved their experience with us, as we aim to make it as seamless as possible. We specialize in duplexes, triplexes, fourplexes, and other multi-family properties. We are dedicated to client satisfaction. Our go-to partners throughout the process are The Cap Core Real Estate Group. The Cap Core Real Estate Group is a fantastic group of professionals who have an incredible amount of experience in real estate. The owner, Patrick O’Sullivan, is a natural-born leader for the team. As the former real estate advisor for U-Haul, Patrick has achieved a lot over his career, including being awarded Agent of the Year and the CCMI (Certified Commercial Investment Member) designation. Working with The Cap Core team will be an experience you’ll be grateful you chose.
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