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Updated over 4 years ago,
First Rental Property: Single-Family Home vs. Duplex/Triplex/+
Hello,
Thanks in advance to all answers and help. I joined BP in high school (2014) but since college and my first job, I have slipped away in staying up-to-date. However, at 24 years old (almost 25) and likely to be married over the next two years, I want to begin investing! My girlfriend is very frugal and is 100% behind me in investing in rental properties down the road. She knows I want to have a few properties by the time I am 30 years old.
That being said, I have a few questions:
- Which comes first: our first house as a marriage or a rental property? (seems like the former is the obvious choice)
- Single-family home or multi-family property for our first rental? Duplexes sound greta but are hard to come by. I feel like most duplex units for sale are actually only one of the two units, not the whole property. Either I am not looking correctly or they are hard-to-find/all currently owned.
- Are college areas a good place to start? I know all the pros and cons with college kids since I've read about them and was a renting college student at one point. I feel that properties near college towns always seem to get tenants, no matter what.
- Living in Houston currently, former Texas A&M Aggie. For my first property it seems best to live close-ish to the property so I can manage it and get it going the first time around. UH is not in a great area of Houston but HBU is. On the other hand, I have always thought of investing in properties in College Station since I am familiar with the area and will likely have Aggie kids attending the school in the future. However, even though it is only 1.5 hours away from Houston, it is still "far" since I am a full-time employee and part-time in grad school.