Updated almost 6 years ago on . Most recent reply
Possible duplex purchase but not sure if I’m ready
Hey everyone. I've been house hacking for a year now and not only until recently, I decided to learn everything about real estate investing for a year before I make any moves. However, I found what I think is a good deal - a duplex that can cash flow about $600/month. I can get a VA loan for it, but it does need some rehabbing.
I’m just second guessing if I’m ready for it. It’s an hour away from me so it’s not too far but I do not have any experience rehabbing plus I’ll have to get some sort of financing for the rehab - which I’m not sure where to start. I have 10K saved up but it might not be enough.
I’m torn because I’m feeling warm and fuzzy about this duplex, but at the same time I might need more time to learn the ropes. It is the holidays though so some other investors would probably not be looking right now. Any advice? Should I pass on this so I can be more prepared or should I take the risk now and learn along the way? What would you do? I appreciate your help!
Most Popular Reply
All these decisions should be made with sound financials and eliminate any "feelings". If the financials pencil out, then the best way to learn is to just do it. Sure you may make some mistakes like do X before y or pay too much for Z, but at the end of the day, so long as your numbers were solid at the purchase, you should be fine even with some small mistakes. Avoid the big ones by getting help from pros on the numbers and the rehab scope of work/costs.