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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/
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