Originally posted by @Wes Johnson:
bought my first property when i was 21 and lived in it a few years then moved out and rented it out that was my first "investment". but if i could do it all over again i would ABSOLUTELY have done a duplex. i honestly had a chance to get one. single family is for the birds. the margins are too thin and one major repair can wipe out a years worth of profit. I could've lived in one half and rented out the other. essentially making my mortgage payment nil. and the management would've been easier because i would've lived next door so nothing would've taken days to address. the COC return is a little different when you're living on one half. i just look at it as "i'm living for free or very little, and when i move out, then i'll have two units to rent". think about it in the future when you have both units rented because that should be your plan. i kick myself everyday for not starting with a duplex or multifamily because you can still get FHA financing up to 4 units and in some cases (if they're already rented) the income from the other units can be used, thereby allowing you to scale up quicker right off the bat.
That's awesome, Wes!
I feel like I'm 21 again doing this! I'm actually turning 49 this week. Yikes! I've always bought homes with my husband at the time. This is the first time I'm buying on my own while supporting my two teen boys. Adding landlord responsibilities on top of it is a scary prospect, but I can do this! :)