Rental Property Investor · RI · Member since 2017 · 18 posts · 1 vote
Hi I am a first time buyer with hopes of becoming a buy and hold investor in the future and I am contemplating making an offer on a Duplex that fits all my needs as a family man but from the numbers I ran it won't cash flow (while I live there). The tenant's rent will cover most of the mortgage but not all leaving me coming out of pocket about 400$. I am currently renting for $1000 so I would be saving 600$ a month. Some advice please !!
Specialist · Houston, TX · Member since 2015 · 1k+ posts · 1k+ votes
8y
Base the purchase on your end goal not what the deal is currently doing. Many people buy deals because it looks like a good deal, not because it matches your end goal.
I know because I bought a lot of wrong properties because they looked like good deals. If you goal is buy and hold and use appreciation then base the deal on that. If you need cashflow then base it on that. Only you know your goals and can answer if it is a good strategy to achieve your goal. Hope this helps