First a little about me. I am new to this website / group. I actually found it because I have been listening to the audiobook rental property investing and it has given me tons of insight already. Before I even purchased the book I have been pondering what would be the best route to go for a first time home buyer. I am 25 years old now, recently graduated from college and have been living at home for 2 years to pay down my student loans. I have made great progress on my loans and am now looking for other investments besides stocks which I have been actively investing in.
Since I also want to get my own place to live, I thought a duplex would be a great way to start my real estate investments and also give me a place to live. So, I am looking into living on one side and renting out the other. I have gone through my numbers on a few duplexes and after listening to the bigger pockets book I realized there is a lot to go into these calculations.
To make this simple for my cash flow I have considered the mortgage, insurance, and taxes for my expenses and have taken the estimated rent for the area for my expected rent and at best I could profit about $50 / Month. I understand when I add in all other expenses this will become a negative number, but since this is my first home and I am living on one side I was curious of your thoughts on whether this would be considered a decent deal. Eventually when I move out and can rent out both sides I will have positive cash flow with all expenses accounted for.
Any replies would be greatly appreciated, just trying to get thoughts from people that may have done this before or have any experience or knowledge on this matter. Thank you and I am glad to start learning through this network!