First Duplex
Hello, everyone! My wife and I are going to check out a duplex around our local area in hopes to purchase it as our first property.
It's our first dip into real estate, and it sounds too easy. I know there's a lot more behind it that involves a lot of acronyms and hours of work, but I definitely don't want to work my entire life.
This is the math I've come up with and I'm sure it's not super accurate.
Payment for the house at $137,900: $800
Renting out one side: $600
Housing Allowance in my area: $897
Left to pay: $200
Banking: $697
Why does it sound so easy?
I understand it's not always a guarantee that I will have a tenant, but right now, the house already has a tenant.
The way I justify being able to manage not having a tenant for a while is because for a whole year, I went comfortably throwing my money to renting a house. With the profit I'll be making from renting out half of the house, I can save it for emergency vacancies and any problems that come up with the house, and this is on top of the money I save from my regular paycheck.