My first duplex and need some feedback

3 Replies

Good morning
BP I’m looking to purchase my first property it’s a duplex. I️ want to live in one side and rent the other side out. Also to get the deal done I️ want to use private money and refinance in about 2 to 3 years. I️ need to know is this a good strategy. I️ would love some feedback.
Thank you

Originally posted by @Adonte Lipsconb :

Good morning
BP I’m looking to purchase my first property it’s a duplex. I️ want to live in one side and rent the other side out. Also to get the deal done I️ want to use private money and refinance in about 2 to 3 years. I️ need to know is this a good strategy. I️ would love some feedback.
Thank you

Need more information. Firstly, why do you think you'll have enough additional equity in it by then? ie. How much of a bargain is it in today's market? And why do you think that?

In general, using "private money" (read "HML"?) to fund buying your own home is not recommended! Why not go for a "normal" FHA-approved low deposit Loan instead? Cheers...

Hi Brent thanks for your response I need help I’m a new investor and looking to purchase my first rental property.   Any and all advice will help me in this process.

Thank you

Originally posted by @Adonte Lipsconb :

Hi Brent thanks for your response I need help I’m a new investor and looking to purchase my first rental property.   Any and all advice will help me in this process.

Thank you

If you (also) will live in it, then you qualify to seek owner-occupier funding. And if it's your first home, all the better! Check out the number of First Home Buyer Loan products available.

 Duplexes, Triplexes and Quadplexes are all satisfactory for owner-occupier Loans. All the best...

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