Is it smart to buy my first duplex during a pandemic?

[Scott Raynor]

I've been looking at buying my first investment property-a duplex in Upstate NY using a loan from my employer retirement fund. The numbers look good with a cash flow of about $200/month from the current tenants.  Mortgage rates are looking great but I'm obviously concerned over the pending recession from the COVID-19. Thoughts?



 

[Maryanne Cameron]

I just closed on my duplex Monday (3/16) and that was a weird moment in my life. I one current tenant and a future tenant that is in healthcare moving in next month. If you don't take a risk you'll never get the reward, but @michaeldurham says above we could be heading into a depression. And even then people will still need a place to live though as their homes are foreclosed on. 

Just make sure the numbers work. I bought the BP membership, used the software and saved myself from making a mistake on several properties until I finally found one that cash flows. Minimum $200 / month, likely $400 / month.