Updated 5 days ago on . Most recent reply
Approved for down payment assistance on duplex
Hey everyone, basically no one I know invests in properties. I come here to seek experiences and insight from people who do.
I’ll a first time home buyer. I’ve been approved to purchase a duplex and they will also pay 3.5 dp (fha) and also contribute to closing costs. All for the price of a 7.75 interest rate. The assistance allows me to keep the majority of the 17k I’ve saved in my pocket so I have a buffer for unexpected expenses.
With home prices and assistance I feel this is a now or never thing (if I chose instead to buy a regular home), but this is also my first rodeo.
Please share some experiences of owning a duplex the good and the bad.
Most Popular Reply
Hi Sherelle!
That’s awesome that you’re approved and looking to buy a duplex! Congrats! Owning a duplex comes with some great perks. One of the biggest perks is that the rent from the other unit often covers a big chunk, or even most of your mortgage, which can really cut down your cost of living. It’s a smart way to start building equity while keeping your monthly expenses lower.
If the property needs renovations, you’ve got some flexibility too. You could fix up one side enough to rent it out and start bringing in income right away, then take your time making the side you’ll live in your own. Some people also choose to keep the tenant unit simple and durable while putting more personalized touches on their own space.
The only real “downside” I can think of, is sharing a wall. You’ll definitely want to screen tenants carefully since you’ll be living right next door. But overall, duplexes are one of the smartest ways to start investing in real estate while still having your own home.