Updated 5 months ago on . Most recent reply
First time home buyer looking to buy a duplex
https://www.zillow.com/homedetails/6931-6933-Sacramento-St-S...
I am a first time home buyer looking to purchase my first duplex. I put an offer on the one linked above at $699,000. I've used the rental income calculator and determined this doesn't pencil out. My problem is I don't have the time, knowledge or experience to rehab a home or upgrade one right now so I need to find something turn key. Also I need a place to live (this will be a house hack). I am currently renting and hate it here! It's old, poorly insulated and a half block from a railroad crossing. I've been searching for a duplex for 9 months. Nothing has made sense yet. I have saved $150,000 and my credit can't be better.
My fear is if I go through with this one I will be stuck here and be unable to grow my portfolio in the future.
Can anyone give me insight on what I should do in this situation?
Most Popular Reply
A lot of my first time Investors buy a Single Family, live in it for a year to satisfy the mortgage requirements and then turn it into a Rental...rinse and repeat. The good thing about a Duplex is you live right next to your Tenant, the bad thing about a Duplex is you live right next to your Tenant..