Sell primary residence and buy a duplex, little to no equity...

2 Replies

Looking for any creative solutions. Damn Grant Cardone convinced me that I was an idiot to buy my house. I agree.

So far, it seems like either I pay the difference when I sell, or sell it for 15k more than I bought it for 6 months ago. Honestly, I overpayed a bit. I knew nothing about houses or real estate investing and now everything, including my life priorities, has changed. The real estate agent commission is going to eat me alive. Is it ever negotiable, or is it always 6%?

well, I don't know if you're an idiot to buy your house, lol . Having an adamant stance helps sell books, and that is what GC is trying to do. There certainly are situations where the right buy on a SFR could beat the returns you'd get if you bought a duplex. And there are tons of other variables involved too. Some things to consider, perhaps:
It's hard to break even selling a place bought at market value in six months. What's the worst case scenario if you hold it a while longer? If you ditched it today, and bought a duplex , how quickly would you make up the money you lost? How quickly are houses appreciating in your market? Without profit from your current house do you have enough funds to get into another property?
As far as commissions, yes they are negotiable. You do get better service when you pay more, frankly, but in some hot markets a low-cost listing service can probably do a decent job for you. You might talk to the broker that helped you buy the house and see if they'd do  reduced listing fee  if you also used them to buy the next place.

Originally posted by @Jean Bolger :

well, I don't know if you're an idiot to buy your house, lol . Having an adamant stance helps sell books, and that is what GC is trying to do. There certainly are situations where the right buy on a SFR could beat the returns you'd get if you bought a duplex. And there are tons of other variables involved too. Some things to consider, perhaps:
It's hard to break even selling a place bought at market value in six months. What's the worst case scenario if you hold it a while longer? If you ditched it today, and bought a duplex , how quickly would you make up the money you lost? How quickly are houses appreciating in your market? Without profit from your current house do you have enough funds to get into another property?
As far as commissions, yes they are negotiable. You do get better service when you pay more, frankly, but in some hot markets a low-cost listing service can probably do a decent job for you. You might talk to the broker that helped you buy the house and see if they'd do  reduced listing fee  if you also used them to buy the next place.

Thanks Jean, that was some solid real estate advice™. I just wish I could talk to myself 6 months ago with what I know now. Not only about real estate investing, but I'd be able to point out all of the crappy lip-stick workmanship in this house.


Best thing I can do at this point is make improvements. I am going to add a kitchen backsplash, paint/finish the baseboards (missed this in the walkthrough), buy a garage opener, ect... Hopefully with some elbow grease I can get the price that I need to get.

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