Greetings from Utah! Multi-unit for first home.
Hello everyone out there! My name is Scott Bishoff. I am living in Salt Lake City, Utah and would like to get a multi-unit for my first home. I recently finished graduate school and now work as a mechanical engineer, so I finally have enough income to purchase a home......yay!
Originally I wanted to purchase a nice home that we would pay off over 30 years, but began to realize that there may be a better use of $250K than purchasing a traditional home - with the idea that if I sacrifice now, I will be able to live like no one else in the future. This is what led me to real estate investing.
My idea is to purchase a multi-unit property where my family can live in one unit and rent out the other to get started. I imagine many people have done this. I would love to talk to you about your experiences/advice with this strategy.
Ultimately, my goal is to have enough passive income to cover my living expenses which is ~$3k in the next 10 years.
What are your opinions out there? Is it better to purchase a single family home that I can rent out in the future, or get a duplex and live in one half?
Thanks for your help! I am excited to hear what you have to say.