Lincoln, RI Multifamily Houses For Sale

Multifamily Houses For Sale in Lincoln, Rhode Island

rIn this section, the RI real estate agents at Realty Quarters will review the different characteristics of multifamily houses for sale in Lincoln, RI. However, before that review starts, it’s important to know what a Lincoln multifamily house is and how it differs from a single family house. A multifamily house is typically a house that has more than one family living in it. In contrast, a single family house has no more than one family living in it. The difference is not drastic but if you are a real estate client looking to invest in one or the other, they each have different pros and cons.

What are some of the differences between multifamily houses for sale in Lincoln, RI and single family houses for sale? One of the benefits to buying a single family home for sale in Lincoln is that you own the structure and the land it is attached to. When a real estate client buys a multifamily house for sale and lives there, they own the building but have to share the interior and exterior of the property. This can discourage some real estate clients from buying multifamily houses for sale in Lincoln, RI. If you are interested in exploring whether there are multifamily houses for sale in Lincoln, click here.

Mostly all of the multifamily houses for sale in Lincoln, RI are two family and three family buildings. The likely reason for this is that multifamily houses for sale in Lincoln that are more than four family units classify as commercial rather than residential properties. Below, you will see three examples of multifamily houses for sale in Lincoln, RI. These photos are not representative of current multifamily houses for sale in Lincoln but are just examples of architecture.

Architectual Examples of Multifamily Houses For Sale in Lincoln, RI

multifamily houses for sale in lincoln ri
multifamily house for sale in lincoln
multifamily house for sale in lincoln ri
The first example depicts a two unit multifamily house for sale in Lincoln, RI. It has a shared front yard and a shared front entrance. The likely layout to this multifamily house for sale in Lincoln is the first floor unit entrance to the left when you walk in and the second floor unit entrance at the top of the stairs. If one of our real estate clients was looking to buy this multifamily house for sale in Lincoln, they could either rent out both units or rent out one and live in the other.

The second example shows a three unit multifamily house for sale in Lincoln, RI. From this photo, it appears that there is a shared yard and main entrance. In the first example of the two unit multifamily house for sale in Lincoln, we indicated that a person could rent out the entire multifamily or live in and rent out the remaining unit. The benefit to buying a three unit multifamily house for sale in Lincoln is that you can collect rent for three floors rather than two or two rather than one. The real estate clients at Realty Quarters who invest in property prefer to buy three unit multifamily houses for sale in Lincoln, Rhode Island versus two unit multifamily houses.

The third example of a multifamily house for sale in Lincoln, RI is on this page because it is uniquely styled. It combines two elements typically seen in a two unit multifamily home and makes it a four unit multifamily home. This example of a multifamily house for sale in Lincoln has both the multifamily living aspect of a two unit multifamily house and the duplex style of a two unit multifamily home. It illustrates the diversity in style between the different multifamily houses for sale in Lincoln. This multifamily house for sale is also unique in that each of the four units has their own entrance and the entrances to all the units are on the exterior.

Two Reasons to Buy a Multifamily House For Sale in Lincoln, RI

Now that you know what a multifamily house is, as a Realty Quarters real estate client, you need to decide why you want to buy a multifamily house for sale in Lincoln, RI. Most of our real estate clients want to buy Lincoln multifamily houses for two reasons. Reason number one is to live for free and reason number two is for financial gain.

Buying a Multifamily House For Sale in Lincoln to Live Rent Free

Buying a multifamily house for sale in Lincoln, Rhode Island so that you can live free is a great way to get started in the multifamily real estate market. When we have a Realty Quarters real estate client who is looking to buy a Lincoln multifamily house for sale to live for free, what they mean is they want to purchase the multifamily house for sale in Lincoln to live on one floor and rent the other floors.

A great way to look at this concept is to imagine that our real estate client buys a three unit multifamily house for sale in Lincoln.  The monthly expenses for the Lincoln multifamily house equal $1,500.00 per month. In order to make the purchase of this multifamily house for sale in Lincoln financially worth it, our real estate client could charge $750.00 per unit per month. Under this plan, our Realty Quarters real estate client could purchase a multifamily house for sale in Lincoln, RI and live for free.

Buying a Multifamily House For Sale in Lincoln for Financial Gain

Buying a multifamily house for sale in Lincoln, Rhode Island for financial gain is another great way to build your multifamily housing portfolio. The analysis for buying a Lincoln multifamily home centers around three basic questions. The three questions our real estate clients ask us when considering buying a multifamily house for sale in Lincoln, RI are what can I afford, what will my mortgage payment be, and how much can I charge for rent.

The first question our RI real estate clients ask us when buying a multifamily house for sale in Lincoln is what can I afford for my budget. When buying a multifamily house for sale in Lincoln, RI, knowing how much you can afford to spend will help alleviate problems such as inability to rent later on down the road. Staying within your Lincoln multifamily house budget will keep costs low and profits high.

The second question our Rhode Island real estate clients ask us is how much will my mortgage payment be. Why is this Lincoln multifamily house question important? When you invest in multifamily houses for sale in Lincoln, RI, your mortgage payment is going to be your biggest expense. The mortgage payment on a multifamily for sale in Lincoln goes hand in hand with what you can charge for rent.

Why is the rental price of a multifamily house for sale in Lincoln, RI important? The rental price of a multifamily house for sale in Lincoln combined with the mortgage payment for the multifamily house in Lincoln determines most of your profit. The example below illustrates this concept when buying a multifamily house for sale in Lincoln.

For example, our RI real estate client finds a three unit multifamily house for sale in Lincoln within their budget and ownership expenses total $1,000.00 per month. Comparative rental rates for previously bought multifamily houses for sale in Lincoln, RI are $1,200.00 per month per unit. Because our client’s ownership expenses on their newly purchased multifamily house for sale in Lincoln are $1,000.00 per month, our client profits $2,600.00/month.

multifamily houses for sale in lincoln ri
As you can see, buying a multifamily house for sale in Lincoln, RI can be beneficial. If your goal is to live rent free, there is a multifamily house for sale in Lincoln that will suite your needs. If financial gain is your objective, contact Realty Quarters for a no obligation assessment of your potential profits.

Whether you want to buy a multifamily house for sale in Lincoln, RI to live for free or for financial gain, choosing the right RI real estate agent is key. Whatever your real estate goals are, the RI real estate agents at Realty Quarters can help you achieve them. If you want live for free or earn income through buying a multifamily house for sale in Lincoln, contact us today.

multifamily houses for sale in lincoln ri