Hey BP, quick question for you. I'm in the process of purchasing a duplex in the LA area maybe even the Inland Empire (due to my agents strong recommendation). Plan is to get an FHA loan on the purchase and I will be living in one of the units for the required amount of time and move out soon after to rent the 2nd unit. I have 5% to put down.
My question for you is: what mistakes did you make that your advise new duplex owners to avoid?
@Daniel Higuera do your best to treat everything as a business. You will hear that phrase over and over again, but land lords typically make mistakes with how they manage rental raises, repairs and with how they handle the money in the business. Always look to maximize rents (within reason), always promptly take care of repairs and maintenance, and always keep money in separate accounts and do your best to handle your money as though it were in a corporation (even if it is not).