Hi all, thanks for taking the time to read and consider.
I am graduating at the end of summer semester and have several job leads in healthcare management.
My wife will be doing an internship then graduating in December.
We are sick of apartments and have saved up money (about 25k) for getting into a house.
I've read lots of articles and listened to many podcasts, but I can't narrow down between single-family hacking and duplex hacking for our current situation. The market is also super hot (Greensboro NC houses are listed for 3 days on average). Should we wait a year while renting or go ahead with a single family or duplex?
I would even think about a short term rental house hack, if a regular single family or duplex doesn't work out. Look at putting an airbnb in an inlaw suite or something like that. It doesn't work in all areas, but it's another option to consider. I think whether you buy or not comes down to your goals after she graduates and whether you think a move out of the area is likely.
Thanks for replying! Yes we will likely be within an hour of this location for a long time. There seem to be a lot more single homes in the area than duplexes, but the podcasts make duplexes seem to be more accessible for beginners. As far as our views on the profitability vs comfortability scale, we would prefer to be separated from our renters so I'm not thinking room renting would work for us. We use our extra bedrooms for other small business ventures on the side. This makes me think duplex might be the way to go.
I would consider still getting in now, even though the market is hot. As long as it meets you numbers. How I understand this market, is its Hot because interest rates are low = individuals qualifying for a higher mortgage = more demand than before. So if you plan to hold onto these properties for the long term, maybe the savings in interest rates over 30 years is with the higher price you would likely be paying to acquire one. Maybe not though too, just run the numbers with todays rates and see if it makes sense. Additionaly, another year of cashflow (not renting), appreciation, and tax benefits never hurts.
Maybe wholesale a few deals first and learn your market while doing so.
If you don't want to live in apartments a duplex probably wouldn't make much sense for your situation. Also a single family house hack would require living with roommates, is that better than an apartment?
@Michael Noto you are correct. I think both may be not where we want to be, though we would much rather be in a duplex and own it with cash flow than to be in an apartment. Another option might be to purchase a house, not live with roommates, and simply rent it out after a year and we can move to another house? Would be a year of no cash flow but gaining equity.
Bottom line is we're tired of paying rent and not gaining anything for it.