House Hack or Multi Unit??

[Maurice Lightner]

I live in South Florida. Right now duplexes are going for a minimum of $300K in a good area and all of them are pretty much out dated and need work. Most of them don’t even meet the 1% rule. The ones I do find go quickly. Now on the other hand I could buy a single family 3/2 and rent out the other two rooms for $800-$900 and it would cover 75% of the mortgage. Most importantly I would be saving close to $1000 a month on my current rent. And these properties are newly remodeled. Either way my goal is to save $1000 a month, so does it really matter which option I choose because you don’t get rich on your first property.

[Brian Garrett]

The difference is with a multifamily you have your own living quarters whereas with a single family you would be sharing the kitchen, living room and all common space with your tenants.