Updated almost 6 years ago on . Most recent reply
Goal Achieved: Duplex House Hack
Hey BP Family,
I want to thank you all for the great advice I've received over the last few months; it's all starting to pay off. A week ago today I closed on a duplex in Olathe, KS using an FHA loan. Two days later, I moved into one of the units. This was one of the goals I set for myself more than 6 months ago and it is on my profile as a goal (I'll be checking it off the list as soon as I post this). One goal down, many more to go.
For the record, the unit I don't live in was and currently is leased to a pre-existing tenant. There have already been many stressful nights with moving and with maintenance calls, and I'm sure I'll have many more because I am determined to build a profitable business not only as a real estate investor but also as a property manager.
If it was not for Bigger Pockets and the teachings of Robert Kiyosaki, I may still be renting and wondering why I am not anywhere close to financial freedom. I've been a renter my entire life, but now I can finally say I'm a home owner and it feels great! I can share a ton more information about the duplex, the deal, and the drama if anyone is interested. For now, let's just stay things have been interesting and I'm really looking forward to receiving that first rent check.
Most Popular Reply
Congrats, Edward.
I think the FHA (or VA) owner occupied 2/3/4-plex has got to be one of the best deals Americans have to get started in (profitable) REI. I own my own (mortgaged) house, but am working on a deal to buy/occupy a duplex for cash flow.
I'm sure others here would join me in encoraging you to share your good/bad experiences as a new landlord. Sometimes advice from the "experts" is harder to relate to.net