Is buying a duplex the best way to go if you have never owned an income producing property?
Depends, it's more of a personal preference. I invest in Duplexes. I like having at least one tenant inside of the residence to offset tenant turn over.
You can find a longer thread about this here: https://www.biggerpockets.com/forums/12/topics/33550-duplex-triplex-quadplex-vs-sfh-
Sounds like you plan on living in one?
If that's the case that is a great way to start. If I were to do it all over again I would've bit the bullet and bought a 4-unit in Long Beach that we had in contract as my starter. We had to pass on it due to repairs and my wife wasn't too interested in the idea of living next to tenants.
If you can stretch yourself, you should start with a 4-unit, live in one and rent out the other 3. Getting 3 checks will quickly be more exciting than just one check.
Have you looked into FHA with a minimum 3.5% down program?
Thanks guys. I plan to not live in it, strictly for investment income. When do FHA loans apply? Is it open to investors? I have to research this. I think for my first investment property it should be small and close to where I live. Don't you think?
Hey @Sean Abrams Welcome! I believe it really does have to depend on the market. You may want to do the calculation yourself via the http://www.biggerpockets.com/real-estate-investment-calculator
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