Build or Invest?

[Anastasia Monro]

Should I build a duplex, triplex, quad, etc., for house hacking, or should I invest in a multi-family property and renovate it into apartments? I know many variables exist, but I am conflicted about whether to build or invest. The land is going for affordable prices in my area. The main pro for building would be the ability to control where I live while living in the house, whereas most multifamily homes are within city limits and not my preferred choice of dwelling. 

[Anastasia Monro]

Quote from @Rick Albert:

How are you financing the build? That could actually be more expensive then you realize.

You also have to factor in time. The time to build new might take you a year or likely more. You would need to ask contractors.

You buy something already built and renovate, you get tenants in and start making money that much sooner.

Yeah, so that's a great question! We have some family land in an area quickly becoming a highly sought-after suburb of DC. Through a private note from a real estate investor in my family, I am weighing all of my options for financing this build in addition to personal savings. Time is something I would have to consider; thankfully, our family business is construction, so hopefully, I'll be able to get those answers quickly! Thank you for your insightful reply!