Is it time I buy my first duplex?
Hey guys, a little backstory here. I’m 22 years old and I have been interested in real estate investing for some time now. I recently bought my first property (single family home) with a business partner a few months ago and it’s going well. My girlfriend of 5 year lives 2 hours a way from where I am in a duplex. I have always been interested in buying the duplex she lives in because of the location it’s in (very nice area) and the fact that it has room for cosmetic improvement that could further increase value. Today I found out that the owner is putting the house on the market in the next couple weeks. I’m not sure what they will be listing it, but I’m guessing it will be in the ballpark of $300,000. I do have the cash for a 20% down, but it will be most of the cash I have. Luckily, I still live with parents and have really great paying job. I ran some estimated numbers and the cash on cash return will be around 12-15%. I guess I’m wondering if this is a good idea considering it’s mostly all my cash and I’ll be renting to my girlfriend and her roommate. I’m trying to reach financial independence as quickly as I can and hope to get there in my 30s. Just looking for some outside advice. If you have any pointers on the best way I could get a lower down payment that would be great as well. Thanks!