How long did it take you to find your first duplex?

[Erica Gordon]

Hello everyone,
I have been searching for a duplex in Philadelphia, PA. for the past 4-5 months. My plan is to purchase w/ an FHA loan (will use 203k if needed), occupy one unit and rent out the other. I haven't been counting, but I'd say I have looked at about 20+ Duplex's so far. The market is tight here in Philly, especially for my $160k buying limit, I haven't been seeing much in my price range that fits what I am looking for. I have put in a few offers and have been outbid by cash buyers.. people are snatching properties up right now! I have been looking on Zillow, realtor.com, Keller Williams, google searches, etc. I am interested to know how long it has taken others in a similar market and it'll be great to get feedback from others using a FHA loan.

[Anthony Zayas]

It really comes down to your price range. There are not MANY duplexes in that price category. Since you also are limited to having an FHA loan, it really does not make your offer appealing to sellers. Your only hope would be to offer above asking, and being one the the first people to look at the property. That means keeping your eye on realtor.com/zillow everyday. I noticed setting notifications on these sites can still be delayed by a day.

Also if you were to put in an offer at 170k, this does not mean you can't renegotiate down depending on inspections :). I am acquiring a duplex, offered 172k and after inspections I went back down to 150k. Best of luck!