Options on Buying A Duplex
I've found a duplex for sale that's rented on both sides and I think the rents are about $750 each side. The asking price is $169,900, we're thinking about house hacking and living in one side and rent the other side out, by doing so it would break even.
We currently have a large home, but not sure if we should sell it and make any where from $10k-$20k at closing, or rent it out also. It would rent from around $1,500 a month and make around $100 after all expenses. We would be saving our current mortgage payment either way.
We plan to live in the duplex for 1-3 years and either move back into our old home, keep renting the old home or sell it, and just purchase another property as a primary. Then rent out both sides of the duplex and make around $700 a month.
Hopefully this makes senses please ask any questions, state what you would do, and why?
Thanks,
Duane