Hard decision To Make
Hello Everyone! I can't thank enough all the people who helped me and answered all my stupid questions about how to buy a good deal and start the hold and rent investment! Now I am looking at two amazing deals for my family as a starter here in Maine! one deal is 4 units building with a nice street, close to a good school, foundation is good and the overall of the house is great, it might need some electric work but that is not really a deal breaker! the cons of this building is that it has tenants that are smoky and stayed there for long time, some of them are paying through government assistance which I really don't know if this would be a bad idea or what, the unit that might fit our growing family as we are now three and expecting a baby soon! so that means living in a two bedrooms unit is a little bit squeeze!! when I ran the numbers on this one it turns out that I will be paying roughly $500.00 more per month for maintaining a good budget! The second one is a duplex a really stable good looking house! one unit is stunning with a back yard and a nice three bedrooms, two floors and lots of space! and the second unit is a 2 bedroom unit with 2 floors a little bit smaller that the first unit but it has a long term veteran tenant who is very good on the rent! the cons is that the numbers are really bad I have to pay $1500.00 at least a month to maintain the budget and the tenant is paying below market value! Now my question if you are starting out and really wants to make things work, you have a growing family but at the same time you are scared from starting at 4 units because it might be overwhelming! if you guys in my shoes what do you choose and why!!?? I am really torn!! :(
Thanks alot for this amazing website and you amazing people!!
Shuma