All Forum Posts by: Cowan Bucks

Ask and you shall receive --Ya have to love this site.

Thank you all who participated in the topic. Your advice is very beneficial to me and is greatly appreciated.

After reading everyones advice, I realize everyone has valid points and its really up to me in how i want to go about it. I learned some things that i didn't previously know and other comments solidified my current knowledge and ideas. 

After cherry picking ideas from each person, my conclusion is that I have to get started somewhere and buying an owner occupied duplex is going to be the safest way to learn IMO. Unfortunately, I'm not quite comfortable enough with the numbers I've seen after doing my analyses on current properties in the area. I don't mind taking a loss while I'm in 1 of the units but I have to ensure there will be profit after I move out and both units are occupied. Therefore, I'm going to hold off for the time being and keep searching for a better deal. I just need a bit more of a buffer between income and expense to feel comfortable in making the purchase. ( The high property taxes are ruining everything! )

Again, thank you all and if I can be of assistance to anyone, please feel free to contact me.

--Cowan 

@Jeremy Tillotson   Thanks for your quick response Jeremy!

@Jason Krick I've been looking all around but mainly the Antietam/Exeter area. The inner city is not an option.

People of Bigger Pockets,

First off, I'd like to say thank you to Josh Dorkin and Brandon Turner for this fun and informative site. Also, if any of you have not listened to the podcasts they put out, I would urge you to do that immediately. I would also like to thank anyone in general who is involved in the BP community. The site is truly one of a kind with so many like minded people wanting to share their knowledge so we all can reach some form of success.

My names Cowan Bucks . I'm a 26 year old train operator from Pennsylvania. I love my job but my true passion is for Real Estate. Like many, I've been silently studying, waiting for the right time to make my presence known. Unfortunately, no matter how many books and blogs I read, podcasts I listen to, I always feel my real estate knowledge is just slightly inadequate. Today's a different day though. Today's the day I say SCREW IT ! I'm going for it!

I want to buy a duplex or triplex for my first owner occupied home. I've been wanting to this for years now but I can't seem to find the right property. (It seems like all I do is search the MLS and analyze deals). Unfortunately, my area might not be the best area for a multifamily property. I understand that and in fact within about 1 1/2 hours from me, I can find good cash flowing properties. All my contacts and resources are in my home town (where I live currently) so moving that distance isn't quite yet an option.

Ok, so here's my question... FINALLY!

Should I buy a duplex in my hometown, live there and learn about landlording even though I might be just breaking even, possible losing a little money every month?

Side Note: When i analyze deals, I've been using 20% down.

I know it doesn't sound like the smartest idea but i have to start somewhere and would feel the most comfortable with my support and resources close by. 

Any advice would be greatly appreciated!

Thanks in advance!