Looking for RE Agent to help explain duplex purchase

[Joseph Farnworth]

Looking for someone who can help explain to my wife and I how to go through purchasing a duplex as owner occupied and renting out the other for passive income. This would be our first home 

[Jared Hottle]

Purchasing a duplex as an owner-occupied property and renting out the other unit can be a great way to generate passive income and build equity in your home. However, the process of purchasing and managing a duplex can be complex and it is important to understand the legal, financial, and practical considerations involved.

Here are some steps you can take to help make the process as smooth as possible:

1. Get pre-approved for a mortgage: Before you start looking for a duplex, it's important to get pre-approved for a mortgage. This will give you a better idea of how much you can afford to spend on a property and will make it easier to move forward with the purchase once you find the right property.
2. Research the local real estate market: Look for properties that are in good condition and in a desirable location. Research the rental market in the area and determine what you can expect to charge for rent.
3. Hire a real estate agent: A real estate agent can help you find properties that meet your criteria and can also help you navigate the buying process.
4. Get a home inspection: Before making an offer on a property, it's important to have a home inspection done. This will help you identify any potential problems with the property and will give you a better idea of what repairs will be needed.
5. Hire a property manager: Once you have purchased the duplex, you may want to hire a property manager to help you rent out the other unit and take care of the day-to-day management of the property.
6. Review the lease agreement: Make sure you have a clear, legally binding lease agreement in place. This will help protect your rights as a landlord and will also protect your tenants.
7. Learn about local laws and regulations: Make sure you are aware of all the local laws and regulations that apply to owning and renting out a duplex, such as zoning and safety regulations.

It is also important to consult with a qualified real estate attorney, a financial advisor or a tax expert to help you understand the financial implications of owning a duplex and to make sure you are complying with all legal and tax requirements.

It's great that you're taking the initiative to research and plan your first real estate investment. Remember that owning a rental property takes work and it's not a "set and forget" type of investment, but with proper planning and management, it can be a great way to build wealth and generate passive income.