I have wanted to try my hand at real estate investing for some time and now that I have become settled in my new career I am finally able to save up some cash for my first downpayment. I want to invest by buying and holding. My inital plan was to buy my first home for myself some time next year and then down the road buy an investment property. Now I am tinkering with the idea of buying a duplex and living on one side while renting the other. Is this plan not as good as it sounds in my head? Is taking on my first home and becoming a landlord at the same time too much for someone who has never owned her own home?
Your advice and opinions are appreciated!
Hi @Clairice Dale welcome to BP! You've definitely come to the right place to learn more about investing. The community here can definitely help you navigate the REI waters. The information I've got from fellow members has been invaluable.
Buying a duplex as a starter home is a great idea. You'll save a bundle by having your tenant pay most if not all of the mortgage and property taxes. You can set your saving aside to be used for your next property purchase.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.