Investor · Mohnton, PA · Member since 2016 · 20 posts · 13 votes
Hey guys, I've been doing a lot of research and I would like to get into a house hack. My question is, is now a good time to sell my personal house while prices are high and pay a high price on a duplex? Or, I personally believe prices will drop in a year or so, sell house for a lower price and pay less on a duplex? I would just buy one now and rent my house but I personally don't feel like it is a good house to rent out in my opinion and would just rather deal with one property to get my feet wet. Any advice would be appreciated.
Investor · Austin, TX · Member since 2013 · 680 posts · 1k+ votes
6y
Hi Dylan, I like how you're thinking but the question is not about timing as in the market but more important timing as in are you ready and prepared to jump in? Beef up your profile to tell us: Age, married or not, kids, and maybe some generalizations about what debt load / emergency reserves you currently have. Knowledge of these things ARE REQUIRED for someone to give you good advice.
Let me take a stab. If you are young, not married or married with one child or less and your child is less than 5 years old and your financially sound then I THINK IT IS A GREAT IDEA TO TRANSITION FROM SFH TO A DUPLE NOW. All those caveats are important to me in giving you advice. Being a real estate investor is not so much about timing the market (your personal beliefs don't me jack, they are like a**holes we all have one), what matters is finding the DEAL THAT WORKS TO BUILD WEALTH! Before you jump in, define what you are trying to accomplish (GOAL) and follow it up with a STRONG SUPPORTING WHY! After those are decided, that process will point you in the right directions as to what type of property and the location for which to buy. Spoiler alert, I am a BIG DUPLEX fan but I live in TEXAS where they are very abundant! Cheers!
Investor · Mohnton, PA · Member since 2016 · 20 posts · 13 votes
6y
Thank you for the reply. I think I'm in a good situation right now to buy. I'm single, 25 years old, 20,000 in savings and about 50,000 in equity on my house. Only thing holding me back right now is I have a roommate who I can't just kick out and will be out by November. Great advice, appreciate it!