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Is there any property managers/house hackers here?
Posted on 7/25/24 at 3:15 pm
Posted on 7/25/24 at 3:15 pm
My wife and I are about to move into a new build duplex. Gonna rent out one side and live in the other...
Any advice on the transition to building up multiple properties this way?
We plan on keeping the duplex and renting out both sides when we move out in a few years. Obviously we have done a fair amount of research on this strategy- and gotten some help from someone who has done it... That being said, I just wanted to see if anyone had some solid advice that helped them along the way
Any advice on the transition to building up multiple properties this way?
We plan on keeping the duplex and renting out both sides when we move out in a few years. Obviously we have done a fair amount of research on this strategy- and gotten some help from someone who has done it... That being said, I just wanted to see if anyone had some solid advice that helped them along the way
2
Posted on 7/25/24 at 8:22 pm to LikeMike02
Leverage would be my advice.
Posted on 7/25/24 at 8:39 pm to LikeMike02
Experts will say don’t let them know your the owners but I always do.
Many experts also say if they could start their REI journey over with minimal cash, they would start like this.
If it cash flows, go for it
Many experts also say if they could start their REI journey over with minimal cash, they would start like this.
If it cash flows, go for it
Posted on 7/25/24 at 10:39 pm to BayouBengal23
Plan to live in it for two years and then move to the next. House hop every two years if you are able to do it. Buy a rehab, renovate one side and rent it. Renovate the other side and move in. Your CPA will know why. 4 plexes and under.
Posted on 7/25/24 at 11:09 pm to BawtHouse
quote:
Plan to live in it for two years and then move to the next. House hop every two years if you are able to do it. Buy a rehab, renovate one side and rent it. Renovate the other side and move in. Your CPA will know why. 4 plexes and under.
Two years isn't necessary if he plans to rent it out. That is only necessary if he plans to sell and avoided taxes.
You can use a conventional loan to buy a duplex, triplex, or fourplex. The mortgage company will want you to live in it for a year before renting it out. After that year is up, you can go get another conventional loan and buy another duplex. I believe the max amount of conventional loans you can have is 10. The challenge will be qualifying for loans at a certain point depending on what your income is.
Posted on 7/26/24 at 6:04 am to BayouBengal23
quote:
Many experts also say if they could start their REI journey over with minimal cash, they would start like this.
Please explain
Posted on 7/26/24 at 9:17 am to TigerMan327
quote:
Please explain
I would speculate that it is one structure that can be financed under one loan and provide two (duplex) to four (quadplex) separate sources of income. The cost to build one single structure is lower than two separate homes. Not exactly by half, but you may have 60-70% of the cost of building two separate homes. Rent income seems to be dictated by square footage and location, so there's no real benefit to having two separate structures from that aspect.
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