Multi-Unit questions

Dated: November 7 2023

Views: 13

We just received a call today from someone looking for multi-units that would make enough income to cover the debt of a loan and expenses-- the answer is basically no, right now, due to the high interest rates.  Many of the units are not rented at their potential, and the limitations on raising rent will make that a slow climb for a new owner to realize the full income potential.  With the taxes, insurance, and high interest rates on the mortgage, it will leave most new buyers in the red for awhile.  Unless the buyer has cash-- which many do, as some are selling in other areas in order to exchange.  

Another consideration is the building condition and deferred maintenance, which can eat into the bottom line as well.  That's for another article...

Blog author image

Karena Jolley

Karena has been a full-time Realtor since 2005 providing extensive knowledge of homes and land in the inland Mendocino County and Western areas of Lake County with a consistently high production recor....

Latest Blog Posts

Where does your water come from?

We had a guest speaker at one of our meetings today, Janet Pauli of the Mendocino County Inland Water and Power Commission, and she was updating us as to the current situation with Scott Dam of Lake

Read More

Research your Tax Situation

Don't forget whenever buying or selling, to discuss these major purchases or sales with your tax person.  Whether your primary residence or an investment property, there are always tips to know

Read More

Multi-Unit questions

We just received a call today from someone looking for multi-units that would make enough income to cover the debt of a loan and expenses-- the answer is basically no, right now, due to the high

Read More

Standoff in Real Estate

 I completely agree with this article covering the market standoff that is occurring right now.  With interest rates having gone up so much in such little time, the prices of homes would

Read More