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Updated over 6 years ago on . Most recent reply
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Do I have NO ways out, or TOO MANY ways out?!
Hello fellow investors! My name is Kyle and I am stuck in a predicament I might like to get people's thoughts on - If there's any previous experience out there, I am asking for your story and advice. Thank you!
I live in an owner-occupied Duplex in the Twin Cities of Minnesota. I rent out Unit #1 (1 Bedroom, 560 square feet, to a single person), and live in Unit #2 (3 Bedroom, 1200 square feet). In Unit #2, I occupy one bedroom and rent out the other two. Unit #1 has one lease. Unit #2 has 2 leases. All 3 leases are up on September 1st.
A work opportunity has pulled me from the Twin Cities to North Dakota where I will be until July, which means that when I come back to the Twin Cities in August, I have only August to fill the vacancies that open up on September 1st.
What are your guys' experiences and advice on finding tenants for just one-bedroom in a unit that you also occupy another bedroom in? It is worth it? Should I avoid it? If I avoid it, should I move out and rent out all 3 bedrooms or Unit #2? If I move out, what is my best option to find another place for me to live - I won't be able to afford a down payment for a second duplex at that time, nor should I purchase a permanent residence in a Single Family Home, because that will be adding another mortgage without addition rental income, and I can't afford that.
There is so much creativity and gray area in Real Estate investing and I am here to draw on everyone's past. Your help is appreciated, thank you all!