DUPLEX VS. SINGLE FAMILY/ REAL ESTATE LICENSE?

Question

Hey all. My name is Keith. I am 28 y/o, married and have a very young child. I want to build wealth for myself and my family. I currently live in Memphis, TN. I currently work for the city as a firefighter/paramedic. I am looking to get into the real estate investing game. I've been studying and doing my research on the topic for about 2 years now, and I'm at the point where I am ready to buy my first house, which would be my primary residence for a short while (maybe about 2 -3 years). I would like to buy a duplex for our first house but it seems that ever duplex I find in my city are either over priced based on value and last appraisal or they are in areas of town I wouldn't want my wife and child living in. If you know anything about Memphis, TN then you know that the city as a whole is kind of rough( speaking from a Memphis firefighter's perspective). Our only other option is a single family home, which would put us in a better part of town. That's the short and sweet of the situation.

Also I am thinking about getting my real estate license and using it to get my foot in the door and to start my own business as well. What are the Pros and Cons of being an investor and real estate agent?

Any advice on my situation would be helpful. Thanks all for taking the time the read this and responding.

Also I am thinking about getting my real estate license and using it to get my foot in the door and to start my own business as well. What are the Pros and Cons of being an investor and real estate agent?

Any advice on my situation would be helpful. Thanks all for taking the time the read this and responding.

Keith M ivy · Answer

Thank you @Stephen Akindona and @Douglas Skipworth for the information. I really do appreciate your input. I am currently in the education stage of my real estate investment journey. So anything helps at this point. @Stephen Akindona what is the name of the radio show your partner is on, and what station is it on?

@Douglas Skipworth I will have to come check you guys out.

Stephen Akindona · Answer

Hey @Keith M ivy! Welcome to the site! You are absolutely right about the duplex situation. It's hard to find a good deal on multi family in a good area in Memphis. If you have your heart set on mutifamily you should look in the midtown area. It might take a while but you can find a decently priced duplex or even look at 3 and 4 units as well.

If you go SFR you will have so many options and you can always live in that house for a while buy another one and start to build the portfolio that way!

As far as getting your license, I think that it is a great idea. You will be able to access the MLS, setup showings for yourself at your convenience, and make a commission anytime you purchase a house. If you are going to be seriously investing in real estate a license is worth it.

Douglas Skipworth · Answer

Hi, @Keith M ivy.

Welcome to BiggerPockets!

Be sure to check out the blogs and podcasts as well as the forums.  You can learn a ton from the real estate experts on the site.

When you have a chance, you should come to our local Real Estate Investors Association (www.memphisinvestorsgroup.com), which meets the second Thursday of the month.  You will meet a lot of people who can help you answer your questions.

Best wishes to you on your journey to real estate investing success!