All Forum Posts by: Account Closed

First of all I wanna thank everybody for the feedback, I really appreciate it. Now, I'm not trying to step on anybody's shoes but I'm having trouble grasping the concept of the 2% rule. Wouldn't that mean I would have to rent my property at $4,000 (2k per unit)? I don't think I'll be able to get away with that because most 3 bedrooms in my area rent for $1200. Not to mention they're single families too. $2500 sounds more feasible. I can probably rent each unit for $1250. with a mortgage of 1,500/mo.

I'll update you guys with pictures of the property and the address too.

I've ready several books for the past few months and I think I know enough to at least be able to push through with my first duplex this year. I will be using a VA Loan so me and my wife will have to live next door. From what I've read here in BP, it looks like most investors start out with distressed properties they can buy for 30,000-50,000. Since I'll be using a VA Loan, buying a distressed property is already out of the equation.

My question is, however, is it a smart move to buy my first rental at the 200,000-300,000 range? Provided that I'm looking at 3br multi-family properties in good neighborhoods.

Sorry for the double post, the Bigger Pockets App was acting up and for some reason I wasn't even done typing yet when it double posted. But yeah, it's still good info none the less and we really appreciate the great advices we're receiving. Some of the questions I asked were actually based on the duplexes we've seen that are up for sale.

Yeah, you're right. That's too far out of my reach. But it's still good info none the less.

What would your advice be on LLC's? I'm not sure if I can take out a VA Loan under an LLC but if it's worth it, we might consider that approach once we're in a better position to do so.

I'm going to go ahead and be straight forward. What type of tenants do duplexes usually attract? What would their reason be to rent a unit in a duplex rather than an apartment?

Thanks for the advices everybody. We're more inclined to get a side by side since it looks more convenient than an over/under. Based on your experiences, what are the advantages and disadvantages of having an over/under? same question goes with a side-by-side.

Me and my wife have decided that we're going to use a VA loan to get a duplex for our first property. It would be nice to get some tips from the seasoned landlords in BP.

Here's just a few examples of what we want to know.

What type of insurance should we get? What do we do if we find a good duplex in an area that does not have any comps nearby? say the duplex is already occupied, are we allowed to scan the tenants before we close the deal? Can we inspect both units while if not both, at least one of the units occupied? If both units are occupied, does that mean we have to wait until one of the tenants' lease expires before we can move in? (I believe VA loans require the owners to move-in within 60 days.) I know i'm missing some important details here that i should be asking about, please dont hesitate to fill us in even if it's about the downside of having a duplex. We would like some advices on how we can be best prepared on being landlords of MFH's. Thanks, we really appreciate all of your help.

it doesnt really bother me that he lied. I was just curious if there was a good reason for it that way i would know if i was in his position. Or maybe im just overthinking it. He looked shocked when i asked him how much he spent on the rehab and it took him awhile to answer so maybe he just didnt know what to say and just figured he would just say a big number.

I figured. But why would he make up things? I think he would be able to sell it for 260,000. Maybe a little lower since most of the houses next to it looked like they were all built around the same year but the neighborhood itself is in a good condition and great location (in between two naval bases, few miles from a hospital and school, not mentioning the lake just down the street)