Skip to main content

First time buyer / investor pay more or pay less right now?

Curious to learn more from real investors from here. In a dilemma on my first property.

  1. Should I buy a duplex that has one current tenant way below market value on rent (lease ends Dec) and I could move into other side now. Mortgage payments are just at my top limit in scraping by on budget if I kept their current tenant rental amount. I could see renting out the other unit for easily $500 more than current rent. Also I could see the growth on his duplex sky rocket faster than any other single family I could get. I could absolutely live in the duplex for a long time. This duplex is also in the middle of a downtown area with up and coming businesses, restaurants, parks, etc.

  2. Or buy a way cheaper single family home with a much lower mortgage, not have a duplex, but a single family home that I can rent out if I ever move for more than my mortgage payment? This option also doesn’t tie me down to an area. I’m able to save more monthly in the short term.

My question is, if I save more now, would it benefit me to save up, try to get another property? Or sit on this higher payment duplex, which could be worth double the value in a couple years?

TL;DR Would it be beneficial to have the duplex where I’m paying more right now but if I ever move, rent out both sides, then make a little profit? Or would I make more long term if I buy a cheaper home now paying less, and if I ever rent in the future it would make a little profit too?

submitted by /u/Remote-Abies-3845
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1g475fq/first_time_buyer_investor_pay_more_or_pay_less/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/
Post a Comment
Read more

Making offers on houses not listed for sale.

I want to buy a home for retirement. I am looking at lots of options, mostly focusing on the locations that appeal to me. I see lots of Zillow estimates of homes that look like great deals to me. Are these estimates accurate, even though similar houses in the same area that are for sale are usually priced much higher? If so, is it realistic for me to try to make offers to owners that do not have their homes listed? Would a realtor even consider helping me do this? Or, do these values indicate that the houses listed for sale are overpriced, and I should just lowball until someone accepts? Are houses today tending to sell far below list prices, or ??? submitted by /u/chewybrian [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1o4mcon/making_offers_on_houses_not_listed_for_sale/
Post a Comment
Read more