First Time House Hacker

[Paul Burns]

Newly married Dallas couple seeking advice on house hacking a duplex.

We currently have 50k in cash ready to deploy and have been researching real estate for a while now so we feel comfortable with the process. However I am seeking advice on finding a duplex. I understand that wholesalers are a good source for off market deals but that does not work for my wife and I as we would not be purchasing with all cash. Should I be focusing on marketing for duplexes myself, working with a real estate agent, or anything else? I am also apart of my local REIA and am in the forums all the time.

Any advice around locating a “house hackable” duplex would be greatly appreciated!

[Scott P.]

I've been newly married and planning a house hack.   It wasn't my first house hack - but it was my first (and only) marriage.  We actually bought a new duplex in a neighborhood that was being developed.  Most folks on this forum know that you make your money on the Buy but it worked fine for us "paying retail" because it was our home as well as an investment.  In other words, we chose the duplex based on location and how nice it was for us to live in.  The cash flow, investment value, etc. was not our primary consideration on that particular deal.  

After a few years we bought/moved to a SFR. We continued then renting out both sides of duplex. Days turned into weeks and weeks into months and months into years. Then we woke up and many years of successive tenants had paid off the mortgage. The tenants we had attracted we, in many ways, just like us.

I'd do it all over again that same way.  Unless you both love renovation or trying to revitalize a rough neighborhood, etc., I'd make the value of the duplex to you as a personal residence the priority over finding a "good deal" in this particular case  You'll pay more up front but the quality of value to you personally could be worth that extra cost and it will still be paid for by others over time.

I'm being long winded but my advice would be to consider a nice neighborhood of owner occupants even if it means paying more than for a so-called investment property.