need some advice, keep looking for duplex to HH or single rental?
hello everyone,
i have been looking for duplexes in philly area and put in many offers in the last 3 months but got beat out by cash buyers. it's been 2 years total since I have been looking, wondering if I should invest in a single-family property but have some concerns on which method is best for long term growth & value.
little about what I am looking for, duplex 2+2 in a C+ area that can rent for 1k to 1200, price under 315k using 10-15% down and requires little renovation if needed. Will be using 7% vacancy, 6% for each repair and CAPEX. I will not need a PM as I could handle this one to start on my own. Using 70k cash, pre-approved, and 800 Credit score, I hope to achieve the goal of getting $150-200 per door after house hacking one year after living in the property.
or i can invest in a single-family unit under 250k with 20% down and hiring a PM, not sure how much i can profit after taking into effect all the expenses. Can anyone give me some advice or feedback? i have read every real estate investing book out there as well and little confuse on which is the best method.
base of
How many offers did you put? Who is the RE agent you are using and why is he ok with putting so many offers in for you when you do not have a defined criteria? What is your target areas by neighborhood? Searching all of Philly for this seems like a nightmare too me. If I was your agent I would define 2-3 target neighborhoods identify if the product exists in those neighborhoods and go from there. I personally think you should easily be able to find this.
