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Duplex / Triplex Advice
Posted on 11/11/18 at 4:42 am
Posted on 11/11/18 at 4:42 am
Just found out I’ll need to be out of the house I’m renting in Louisiana in a few months. I work oilfield in Midland about 20 days a month so I’m rarely home in Louisiana. Considering buying a duplex or something similar to live in and rent out. Any tips on where to shop for these and if it sounds like a good idea? I just hate to continue throwing away money at rent. TIA
Posted on 11/11/18 at 9:09 am to acadianatiger1992
It’s a good idea to subsidize your mortgage, but when you are gone you will need someone to manage the units for you
Posted on 11/12/18 at 10:41 am to acadianatiger1992
Unless you are uber hardcore about being a property manager and getting into real estate, as a property manager my recommendation would be to not buy a duplex/ triplex.
In your situation I’d do what I tell most single people to do, buy a house and get a roommate. For one, good deals on single family homes are easier to find but more importantly easier to sell. If you get transferred to North Dakota do you still want a duplex? Someone will argue against this and that’s fine, but selling a single family home is considerably easier and the market is not set on the rental income. Generally the only people interested in multi unit properties are investors and they are only going to pay a price based on a return. Also generally your selling time frame will be considerably more for a mult family unit.
A single family will be market based on sales.
With a single family you can still have a roommate or 2 or 3 and still have them pay a huge portion if not all of your mortgage. Sure they live with you, but there are plenty of set ups where you have an entire floor to yourself. And that’s really the only negative. The other benefit of being gone so much having a roommate will keep a better eye on your stuff.
If you are in a big city multi families make more sense as you likely wouldn’t have a single family anyway. Otherwise, I’d stay away until you have more experience. Just my 2 cents.
In your situation I’d do what I tell most single people to do, buy a house and get a roommate. For one, good deals on single family homes are easier to find but more importantly easier to sell. If you get transferred to North Dakota do you still want a duplex? Someone will argue against this and that’s fine, but selling a single family home is considerably easier and the market is not set on the rental income. Generally the only people interested in multi unit properties are investors and they are only going to pay a price based on a return. Also generally your selling time frame will be considerably more for a mult family unit.
A single family will be market based on sales.
With a single family you can still have a roommate or 2 or 3 and still have them pay a huge portion if not all of your mortgage. Sure they live with you, but there are plenty of set ups where you have an entire floor to yourself. And that’s really the only negative. The other benefit of being gone so much having a roommate will keep a better eye on your stuff.
If you are in a big city multi families make more sense as you likely wouldn’t have a single family anyway. Otherwise, I’d stay away until you have more experience. Just my 2 cents.
This post was edited on 11/12/18 at 10:43 am
Posted on 11/12/18 at 11:21 am to acadianatiger1992
OP, find something with an efficiency or mother in law suite. WIll be more affordable than a duplex/triplex and you'll have more appeal with a full 3/2 rental in the front. Can rent your end out on AirBnB for football games if you're in NO or BR on the wknds you're not home. win/win.
I had one for a while and lived in the main house but used the efficiency rent to cover 2/3rds my mortgage. Not a bad route if you dont mind being a landlord.
I had one for a while and lived in the main house but used the efficiency rent to cover 2/3rds my mortgage. Not a bad route if you dont mind being a landlord.
Posted on 11/12/18 at 5:43 pm to eng08
quote:
It’s a good idea to subsidize your mortgage, but when you are gone you will need someone to manage the units for you
right, unless he can get a housemate he can trust like baldona elaborated on. plenty of options regerdless
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