Buying a Duplex, to rent 1/2 and live in the the other 1/2

Discussion in 'Buying & Selling Real Estate' started by sanders89, May 19, 2014.

  1. wander_n_wonder

    wander_n_wonder Guest

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    I think that's a good idea because you can serve two purposes at the same time. However, you also need to consider the amount that you would spend to get the place renovated. You have to weigh if it's too much of an investment and how much time do you need to be able to get the return on investment.
     
  2. nashvilleshelby

    nashvilleshelby Active Member

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    I think that is an awesome idea. My husband and I have wanted to do this exact thing for the longest time. We have just not found the right neighborhood that we would like to continue to raise our family in. If you can have someone else to tote the mortgage than by all means, do it. Save your money and invest it in something that is going to make you money. Millions of people are struggling to make the monthly payments necessary to live somewhere. And, over 30% of people have median living expenses that go to shelter.

    I say that what you are looking to do is a smart idea. If you can do it, do it!
     
  3. alexisfinch24

    alexisfinch24 Well-Known Member

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    It is a very good idea if you can get a good deal on it and, rent it for enough to cover whatever payment you have for the entire unit. I would not jump straight into any deal just to accomplish this, though. Search for the perfect deal and, put your entire heart into the remodel and you will have no problem renting it to cover the entire unit. Remember it is our passions in life that reward us.
     
  4. ami560

    ami560 Member

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    It takes more effort than some people are willing to put up with, though. For one, you actually have to fix up the duplex first. If you choose to hire a contractor, then that means money. If you do it yourself, then that means some money, but a lot of time. Then, you have to get a tenant and make sure they are good renters. I've heard of plenty of people getting burned on tenants who don't pay on time, trash the house, don't take care of it, etc. As for sound and what not, there are tons of products that provide very good sound insulation that are meant to be put in walls, so I don't see that as much of a problem. If you redo a duplex, you're probably going to tear down some of the drywall anyways, so you might as well install some sound insulation at the same time. But, if anything, make sure to hire a good lawyer to write up a proper contract. That can make such a difference, especially if any conflicts arise down the line.
     
  5. preyy

    preyy Well-Known Member

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    I really can't stand living in a duplex, because sharing a wall with others is a bit too "taboo" for me. Now it's up to you.
     
  6. Toasty95

    Toasty95 Member

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    Living in a self-owned duplex is a great idea monetarily, but it all comes down to how you choose to live. Do/did you like living in an apartment in college/after graduating? Do you mind the relative lack of privacy?
     
  7. thestoryteller1

    thestoryteller1 Member

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    Depends on you. I like the idea of buying something at lower price and slowly fixing it up until it's great. I would like to live at the same place though. Much rather to buy something to completely rent out. I am a little afraid of renting out though, always wonder what if they damage something and I have no idea- or what if they damage something and I can't get them to pay for it?
     
  8. moneyman

    moneyman Well-Known Member

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    That is actually quite a clever idea. Saves yourself money and you can earn some money at the same time.
     
  9. ReinbachThe3rd

    ReinbachThe3rd Active Member

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    I had a co-worker that did this and he seemed to enjoy it just fine. He was a social butterfly type so he didn't mind being in constant contact with his neighbors and negotiations when problems came up weren't an issue. The thing to remember is that landlording can be tough sometimes, especially if you get a bad or noncompliant tenant. Figure out if you'd be willing to put up with the worst types before you take the plunge and consider this.


    Personally, I wouldn't simply because of the proximity to the person. Great for checking up on them I suppose but I always preferred to be more hands-off unless I could smell issues brewing.
     
  10. springbreeze

    springbreeze Well-Known Member

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    From a financial view, it's a great idea. From a personal view, it could be a bit uncomfortable. It's kind of like living next to your employee. If you've got a good renter: great. If you've got a renter from hell: really uncomfortable.
     

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