The Benefits Of Buying Two Family Home in Queens NY. Home Mega Has a Great Selection Of Two Family Houses For Sale in Queens NY
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Clients often ask us if they should look into our 2 Family homes for sale in Queens. If you are one of them, our answer is YES! Investing in two family home is one of the greatest strategies of building a consistent cash flow for many years to come. However this is just one reason to invest in a two family. Let’s look at some other benefits:
Having Your Mortgage Payment Covered By Your Rental Income.
When owning a single family home, the monthly mortgage payment is being fully paid out of pocket. With a two family home, that is not the case! With Two family dwelling, you’ll cover between 50% – 75% of your mortgage payment, only by renting the extra unit. This will leave you with much more leverage to comfortably cover your mortgage and other day-to-day expenses.
You Can Boost The Income From The Property Even Higher with a Two Family.
How about renting a parking spot for your tenant for additional monthly fee? Or creating a laundry area in the basement that will not only increase your rental income, but will make it more attractive to your tenants ease of use, they are using coins either way. Why not let them feed those coins into your machines? How about using your basement or garage to rent storage for your tenants? There are so many other improvements that will gain you even more rental income using the extra space – all you need is a bit of creativity.
Maximize Your Property’s Appreciation & Equity By Owning A Two Family.
With a Single Family home You can face-lift your property or implement some improvements, that will still gain you some equity… however you are doing this to push your appreciation on one family only. With a two family your options are greater! You can fix things around the property that will make it more appealing to your tenants, add an extra laundry area or revitalize a useless space to create something that is a benefit to your tenants will boost your property value exceptionally. In short, if equity is the name of the game – make sure to master it and win!
Multiple Units in One Building Are Much Easier To Manage.
Imagine yourself to have two (or more) different single family homes spread throughout the city.. you will probably need the help of a property manager to handle all the different aspects of maintaining the properties in good condition and addressing tenants issues. Now let’s say that you have several units in one building, that’s where things get much more manageable and you can in fact handle it all by yourself.
Tax Breaks Are Available For Owners Of A Two Family Home!
The Government LOVES when you providing housing! The city like the idea of you providing clean & safe housing for people who cannot afford buying a property. As a result you can get tax incentives also known as tax breaks. Believe it or not, you actually own a small business of Real Estate investing hence why you’ll want to get a very competent CPA and/or CFO to help you get as many deductions and tax incentives possible.