Purchasing a first time home or investing in Multi-Family

3 Replies

Here is my dilemma. I have yet to buy a sfr home (my age is 60) and would like to begin investing in multi-family dwellings within the next 3-6 months, (or should I) What would you do? Please help! your responses are much needed. Thank you all in advance.

Hey Robert,

Having you considered house hacking a multi family property? This is a great way to enter multifamily investing. There is no requirement in life that we must all own SFR and live the American dream. House hacking a multi will bring you many benefits such as:

* Living for cheap or free vs paying a mortgage on a SFR
* Allowing you to understand how to manage a multifamily rental
* You can get to own a large asset for a relatively low down payment assuming you owner occupy it

The only true downside I see for some is management of your building's tenants. Some may or may not like this aspect of house hacking. I personally do not mind it but I can see how it would bother others. If you bring in the right tenants over time, it will make managing them a bit easier. 

I hope that opens up your options some and good luck on picking up your first investment. Feel free to reach out with any questions!

The key factor here at 60 would likely be marital status. Best solution other than divorce, ( ouch) might be small MF, with individual and separate living quarters, a triplex. Triplexes are hard to find in Dallas area, fourplex more likely, and the easiest would be a duplex. Duplexes are not usually very good holding for inflation, but great starting point I believe. Care must be taken to know rent for the specific area, that a Realtor can help you there. A Realtor will help if you offer to use that service when you move on to buy your next investment property. 

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