Multifamily Homes: Live and Invest at the Same Time
TL;DR
Multifamily homes let you live in one unit while renting out the others — giving you an easy way to build equity, reduce your housing cost, and create monthly income.
The simplest way to live and generate income
Can you imagine living in your own home while also earning extra income? That's the great advantage of multifamily homes, an option that is increasingly attractive to self-employed workers, freelancers, and entrepreneurs seeking financial security and investment opportunities.
Buying a multifamily property not only gives you a place to live, it also opens the door to building equity and creating a source of additional income.
What Is a Multifamily Home?
A multifamily home is a property that is divided into two or more residential units. It can be a duplex, a triplex, or even a small apartment building. The best part is that you can live in one of the units and rent out the others.
This means that while you enjoy your own space, your tenants help pay your mortgage.
Benefits for the Self-Employed
Self-employed workers often face extra challenges when applying for a mortgage since they don’t have traditional pay stubs. But choosing a multifamily home can offer big advantages:
Guaranteed extra income: Renting out one or more units reduces your financial burden.
More confidence for lenders: Rental income can strengthen your profile with the bank.
Wealth building: Over time, the property’s value may rise, multiplying your investment.
Flexibility: If your business grows and you decide to move, your units can still generate ongoing income.
How to Get Started
If you’re thinking about taking this step, here are some practical tips:
Organize your documents: As a self-employed worker, your tax returns, bank statements, and proof of income are key for mortgage approval.
Evaluate the location: Choose an area with high rental demand to ensure steady interest from tenants.
Consult experts: Work with a real estate agent and lender to understand your financing options.
Do the math: Calculate how much you can afford and how much rental income you could realistically generate.
Living and investing at the same time? Yes, it's possible!
Multifamily homes represent a great opportunity for self-employed workers who want more than just a roof over their heads. They are a way to turn your home into an investment, balancing your personal life with your financial growth.
Conclusión
Buying a multifamily home doesn’t just give you independence and stability — it also helps you build a solid future. For the self-employed, this type of property can be your best ally: living in your own space while generating income that brings you closer to your goals even faster.
Frequently Asked Questions
Q: How profitable is it to live in a multifamily home?
A: Living in a multifamily home can be very profitable since rental income from the other units can cover part or even all of your mortgage.
Q: How can I start investing in a multifamily property if I’m self-employed?
A: As a self-employed buyer, you should organize your financial documents (tax returns and bank statements) and consult a lender and a real estate agent to guide you through the process. If you'd like help finding available properties, I can assist you.
Q: Which multifamily property is best for me: a duplex, triplex, or small building?
A: It depends on your budget, lifestyle, and the rental demand in your area. Each type offers different income potential and management responsibilities.
Q: What should I consider before buying a multifamily home?
A: You should evaluate location, rental demand, property condition, and your financial projections. If you want personalized guidance, I’d be happy to help..
Q: Is now a good time to invest in a multifamily property?
A: Yes, especially if you want to combine housing with passive income. If you’d like to see available opportunities, I can send you listings in your area.
By Alex Parmenidez, REALTOR® | Coldwell Banker Realty
Alex Parmenidez | Realtor® Licensed CT-MA-RI | Coldwell Banker Realty
196 Waterman St, Providence, RI 02906
C: (401) 426-4825 | O: (401) 351-2017
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