Updated over 11 years ago on . Most recent reply
Starting w/duplex
I am a recent college grad and just resigned my lease for another year. This gives me the time to save up some cash from a new job. I am thinking about cosigning with my parents for a loan to purchase a duplex...
1) anybody have experience with this?
2)Suggestions you would like to make? I am tired of paying $600 for rent when I think I could get a duplex and "live for free"
Most Popular Reply
Hey brett great plan to start out with! However I would take it a step further and make a long term real estate investing plan as well! Perhaps continue to put your 600 a month into a savings account as if you were still paying rent. You are required to be an owner occupant for 1 year. At the end of that year purchase another duplex with an fha loan, which only requires 3.5% down and you now have three renters. I don't think i have to continue you can see where this is going :) Yes obvioulsy you aren't going to want to live in a duplex forever but for a few years it's a great way to start a rental portfolio!