Buying a duplex and renting out the other half

[Tyler Bullis]

Hi my my names Tyler and I'm a 19 year old looking for a duplex that I can live in and rent the other half out. I'm In the carpenter Union so I can do a lot of work myself. Just wondering the pros and cons of doing this. Thank you so much!

[Marcus Auerbach]

@Tyler Bullis I am sure some people will tell you there are con's, but in my book there are only pros! What you have in mind is commonly known as househacking and you will find ton's of posts on the subject. Some of the things that people will tell you are negatives are really just part of becomming a smart real estate investor. Like, you will have a neighbor. Fair, but compare that to living in an apartment building! The good thing is you are in control and can choose a neighbor. You have to learn how to be an investor (mainly a mindset, some mechanics and really a life skill), but a duplex is perfect to test the water and see if it's right for you. The fact that you post here makes me believe you are serious enough to follow through. What you do at age 19 will make a night and day difference for the rest of your life. You will learn so many lessons and will be much ahead of your friends in a few years, not only financially but also mentally. My advise is, don't do all the work yourself - only do what you are good at and bring some other trades in, especially electrical and plumbing. Make sure you buy in a good location, you can upgrade the building, you cant upgrade the location. You will build equity when you improve the building, you will live for free (or at least pay less, because you have rental income) and you will learn a ton. The first property is scary, it does not matter if you are 19 or 29, but take the advice you will find on BP and in hindsight you will see there was no reason to be scared at all. Good luck!