What are Multifamily Homes?

Chris Childers serves as president of Allstate Renovations, Inc., a renovation project management company based in Overland Park, Kansas. With clients largely based in Kansas City and Sacramento, California, Allstate Renovations takes on a variety of contracts, from small, routine repairs to full housing complex repainting. Chris Childers has been overseeing all aspects of the firm for close to 20 years; he specializes in serving and improving multifamily homes.

A multifamily home refers to a single property or building where up to four families live independently of one another. Each separate housing unit must have its own kitchen, bathrooms, utility meter, and entrance. Legally, a multifamily home cannot have more than four units; structures or complexes that exceed this are referred to as commercial properties.

However, when it comes to multifamily housing, the structure itself is flexible. For instance, a multifamily property can be a small apartment, a duplex, a townhome, or a condo complex. Many real estate investors, especially those who prefer to buy and hold assets, perceive these properties to be an appealing, convenient, and feasible alternative to owning unconnected assets. For instance, acquiring four separate units on a single property, rather than acquiring units separately, saves time for busy investors. New investors may also prefer multifamily units where one serves as their personal residence and the others can be rented out, while still under their direct supervision.