For many people, purchasing a single family home is no longer the American Dream. It’s expensive and… unless it’s investment property… it doesn’t generate income to offset the expense! Yes, there’s no place like home, but the down payment, property taxes, home insurance, repairs, and furnishings can add up.
In addition, many families are looking for more flexibility and don’t consider home ownership to be a good investment value. This is especially the case in urban areas where home prices may be out of reach. In major cities, like Boston, Miami and Los Angeles, for many people, renting can appear to make more sense.
So what’s the alternative?
How about multifamily property… or property that generates income?
If you live in an urban community and want to take advantage of a market where renting has never been more popular, it might be a good idea to look into purchasing a multifamily property.
Rental properties with more than five units are considered commercial real estate and require special considerations, such as the property’s cash flow in addition to your individual credit.
Because of the differences involved with financing a commercial multifamily property with five units or more, you need a partner who can work with you. At OneUnited Bank, we specialize in serving Boston, Los Angeles and Miami and can help you secure a property that meets your needs, so that you can become a part of the hot rental markets in these areas.
We finance a wide range of multifamily properties including affordable housing/Section 8, and we support efforts that benefit our local urban communities.
According to one study, the apartment industry and its 35 million residents generated “$1.1 trillion to the national economy and support 25.4 million jobs in 2011.” If you’re considering a commercial multifamily mortgage, please contact us today. We can help with the financing you need to make a good investment in this current economy.
