When you’re looking to buy or sell any type of property, Michael Millea is an experienced agent who can provide you with unparalleled expertise. With over 30 years practicing both real estate and tax and estate planning law in Southern California, Michael Millea has the expertise and experience required to help you with any of your real estate needs. If you’re interested in buying or selling multifamily property in the South Bay, Torrance or other surrounding areas, our team can help.
What Is a Multifamily Property?
A multifamily property is a type of investment property that contains more than one living unit. It’s a building that’s meant to house several different families in their own separate housing units. While this typically doesn’t apply to homes with guest houses, it will apply to most anything else.
When it comes to purchasing multifamily buildings, it’s important to note that a standard residential mortgage only applies to property with up to four units. Commercial financing is required for anything above four units.
The Types of Multifamily Property
The many different kinds of multifamily properties include:
- Duplexes (along with triplexes, quadruplexes, and higher)
- Mixed-Use Buildings
The Difference Between Investment Property & Owner-Occupied Property
Investment property is property that’s not your primary residence and is held to generate income or profit from appreciation. Typically, the owner doesn’t reside on the property. This type of property is a real estate investment, and can be either a short-term (property can be renovated quickly and be sold for a profit, called flipping) or long-term endeavor. Investment properties are also known as “non-owner occupied” properties and often require a larger down payment when obtaining a mortgage.
Owner-occupied property serves as the primary residence of the owner. It’s important to note this difference since mortgage lenders need to be able to differentiate between primary residences and investment properties. Prospective buyers will find that a smaller down payment, as well as significant tax benefits, can come from owner-occupied properties.
Contact Your Torrance Multifamily Real Estate Broker Today!
Navigating the complexities of buying and selling multifamily real estate can be tricky. When it comes to exploring the vast Los Angeles market, Mike Millea and his dedicated team can guide you through the entire process and get you the best deal possible. We’re proud to serve clients in and around the South Bay, Torrance, Redondo Beach, and more.
If you’re interested in buying or selling multifamily property, now is a better time than ever. Feel free to give Michael Millea a call at (310) 939-9356 and we can get started with helping you buy or sell property. If you have any questions, please don’t hesitate to contact us and let us know. We look forward to working with you!