Profile picture for user069011

I am a young and upcoming investor in college. I have considered getting a duplex, good idea?

I am 18 and have the downpayment money, I have been strongly considering buying a duplex for my first home. This will be in a couple of years of course as I acquire a full-time job after college. I was just wanting suggestions/advice to what other people thought about this idea?
  • October 09 2012 - US
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Answers (7)

Profile picture for John M Lieber
It's a great idea. I'm a real estate broker and did the same thing myself when I was starting out. Because you are going to occupy one of the units, you can take advantage of the low down payment loans to finance almost the entire purchase price. The obvious key is to make sure that the property will provide enough positive cash flow after you move on to make it worth your while. Another thought is student housing, which is a popular place to invest around San Diego State, where I do business. The rent per room is fantastic if you don't mind dealing with high turnover and the college crowd.
  • October 09 2012
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Excellent idea!
  • October 09 2012
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It's 9 times out of 10 a fantastic idea to purchase a duplex as your first piece of Real Estate. It allows you to obviously have housing while renting the second residents, helping to supplement your payments while you build your career. THEN, once you decided to move on to the next chapter of your life, you now have equity to pull from for a SFR and income now from two units. Basic simple, when the time comes, do it. Before you do, be sure to consult with a professional in depth regarding rental rates in the areas, it's another important part. 

Good luck to you and the years to come. 
  • October 09 2012
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Profile picture for Dunes ..
I'm a not so simple or plain person but I'll get straight to the point ;)

Become an expert about whatever market you intend to invest in, learn about the things that impact a market, jobs, city/county budgets (in good shape?), schools, crime, prices, Services (Road/Police/Fire/hospitals) make-up of population in market
(Retired/Students/Middle age w kids?)....zoning (Commercial/Res/multi/Mixed
Learn all you can about the buying/selling process

If not planning to invest for a few years then learn/practice ..learn the market you are in, watch, track..if I woulda bought that then I'd be losin but if I'd......what's selling/renting & what ain't..what's missing in the community?

Successful investors succeed because they have knowledge, know how to acquire find the info they need and know how to apply it...it ain't Rocket Science but it's not buy and get rich either,.....it's a job, you're the boss and you're action will determine your pay

Good thinking/plan but success depends on the effort YOU put into it
Good Luck & I wish you much success
  • October 09 2012
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I am a plain and simple, straight to the point type of person, a Duplex is a great idea for many reasons.  First of all as an investor you will most likely deal with financing and they see a duplex as a single structure and will be financed and looked at as a single unit.  When you go to buy more properties different lenders have different rules about how many investment properties you can finance.  It is a good start i have some good Calculator work sheets that can help you evaluate properties for investment.  Contact me and I will email you those.  Investing is a non-emotional just by the numbers type of decision. So make sure you are always comparing for cash-flow and not appreciation.
  • October 09 2012
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Profile picture for Ofe Polack
Congrats on your forward thinking!  If you are planning on living on one side and allow the other side to assist with the mortgage it sounds like a great idea.  Try to keep your credit in line and when you get a job, interview at least two mortgage brokers so they can advice you on how to proceed.  The best of luck, you sound like a winner!  If at any point you need further guidance, please feel free to contact me directly, via email.
  • October 09 2012
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I think a duplex, condo, or townhome is a great idea for a you to start with. It sounds like you have plenty of time to keep saving money to be able to prepare yourself and keep your credit score up for this purchase. When I first gratuated college, I purchased a townhome and was very happy with living there. I enjoyed having a slight apartment type feel without the hassle of taking care of the yard etc...but know my payment was going to MY investment! Good luck and keep planning ahead for your future purchase. I hope it works out for you.
  • October 09 2012
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