Landlords Wanted: Multi-family Homes in North Andover

In this "new reality" that is the current real estate market, one trend has been the purchasing of multi-family homes.

Buying multi-family homes is nore appealing than ever, with prices and interest rates low and incomes stagnant. Many people are becoming landlords in order to supplement their incomes and help pay their mortgage.

But this is not something to be entered into lightly. There is a lot of responsibilty involved in owning a mulyi-family home, things you may not have realized or cared about when you were the one renting.

As local real estate expert Ken Roy

"Massachusetts has very specific laws in place aimed at protecting both landlord and tenant alike. It is important to research these laws prior to undertaking the responsibilities of a landlord; ignorance is not a defense should you violate these laws and the repercussions can be disastrous.

Owning a multi-family home is like owning a business; there are tax issues that you will need to understand. Talk with an accountant in order to discover handling the income and expenses surrounding owning a multi-family home."

So the opportunity is there for the taking. You just have to fully research what that opportunity is. You must be prepared to take on all the factors of being a landlord (including maintenance, repair, costs and liabilities), in addition to the fun part of collecting a monthly check.

If you are looking for a multi-family home, here are five for sale right here in North Andover.