Should I Buy Duplexes Or Single Family Homes? – Real Estate Investing
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Read Transcript for “Should I Buy Duplexes Or Single Family Homes?”
In this video, I’ll show you how to structure duplexes and single family homes without having to take out loans or use your money or credit.
“I’m a beginner. I have little money due to downsizing, bankruptcy and divorce, but I have a drive and a hope that I can get back on my feet and beyond where I was before my world came crashing down around my ears. My concerns are financing for reasons that are mentioned above, and how does one find out what the monthly payments are going to be without taking out a loan in order to decide what the rent should be just to cover a mortgage? Duplexes end up making sense to me for vacancy reasons but everything I’ve read says start with single families. What do you think?” – Richard Wasberg
Joe: Let me answer the second question first. I’d start with single family as well. Duplexes can be good investments. They typically have more cash flow than a single family home, but they’re harder to liquidate and they’re harder to sell if you need to do that.
Joe: You want to be in a position to easily liquidate these properties. Duplexes, I mean it can be a good strategy and a lot of people start their real estate investing career by buying a duplex, living in half of it, renting the other half out, and having their mortgage paid for every month or almost all of it paid for every month by either tenant, but who wants to live next to their tenant? I sure don’t.
Joe: Your concerns about financing are a valid concern if you’re doing down payments and if you’re doing new loans, because you’re not going to be able to do them in this situation. You don’t want to do them.
Joe: Once again, and I’ve said this before – if you can’t do deal with no money, you’re sure not going to be able to do deals WITH money. So learn how to do it without money, without loans, without using your credit or investment money and without trying to find investors you have to split deals with – you don’t have to do that – just structure the deals right to make it work and it’s going to make all of the difference for you.