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Updated over 9 years ago on . Most recent reply
First time investor- Purchase duplex or 4plex?
I am looking to purchase my first investment property. For someone starting out, should I aim for a duplex or 4plex? I would "owner occupy" one unit for a bit, then move out and rent it. I know that once I find a property, i have to run the numbers to make sure it is worth it, but was just unsure about which to purchase.
Also, if anyone knows of a good REA that knows about investment properties in the Bryan/College Station area, please let me know.
Thanks.
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Originally posted by @Jay P.:
Tony, my concern is should i start out small and simple, duplex (only having 1 tenant to start with) or go the 4plex route (and have 3 units to worry about,) but possibly be able to have more money coming in, and be more comfortable?
So should i start out taking baby steps, or should I put on my big boy britches, get off the bench, and start playing ball with the big boys, so to speak?
More units means reduced risk. 1 unit vacant in a quad is 25% of your rents lost (33% if you're living in it). 1 vacancy in a duplex is 50% of your rental income (100% if you're living in the other side). Managing tenants in a building you live in is much easier, in my opinion, than one you don't live in. What's to be scared of? Managing tenants is a skill. You learn it. We learn best by making mistakes, so go make some mistakes!
If I could give anyone one tip about managing your tenants, remember that they're your customer and customer service is key. It goes a long way in building good relationships with and retaining them. Turnover is a profit killer so you want to minimize it and good customer service goes a long way towards retention.