Hello BP community!
I absolutely love reading and learning about realestate. Last, 2-3 years it’s the only thing I read. Every book and podcast has been checked off.
I am finally ready to dive into it, slowly…
I belive I am a buy and hold kinda girl and house hacking is where I will begin.
I’ve went backwards than most I am 45 but now my kids are grown therefore house hacking is do-able.
Honestly I could house hack forever, but I have a boyfriend of 10 years.
Eventually it will be time to make a move together….
Thoughts on my ideas please and thank you SO much!
I would love to start with a fourplex, but I feel that is out of reach for me.
We are considering: (my guy and I)
Each of us buying a duplex. That is owner occupied starting 2025.
I will test (if approved) STR or MTR…on the other unit, but also Besure it works for LTR.
We both have good credit, DTI is way low, great jobs, and money saved to start this process.
Here in Lexington KY I feel it’s hard to find duplex in a decent area unless it’s over $500k.
We each prefer under $300k for a duplex. We prefer 2bedroom 1.5 bath.
We also want to invest here in KY.
A few perks about my guy, he works for a builder, investor. He is Property Manager. We will pick his bosses brain eventually.
I plan to start my process January 2025 on my duplex. My guy will start closer to May 2025 on his.
I should mention my guy owns a primary home already as an inheritance that at this time we have no plans to touch. It’s in a GREAT area and in the future we do have plans for that, but we have an elder family member living there. I would assume we would need to change that to a rental before he starts his duplex process??
That home has $45k balance. At this time we aren’t pulling funds from that home. But we do have that option in year 3 and after.
Other than that we have no debt.
So, any upgrades to our duplexes will be from our cash.
This is our plans for year one and two.
Year one I get a duplex, then again year two. My guy will be doing the same.
Year 3 we plan to make the move together and build (my guy works for a builder so huge discount there)
After year 3 and we are settled and married and living in our home and we would have our duplexes we would love to continue into flipping, or BRRRR maybe one per year…. I would love to find a storage facility for sale one day or even one cabin in TN, but that's later goals. For now it's duplexes and our home. Year 1-3.
We have 4 kids all older between the two of us.
Our ultimate goal is retirement and generational wealth.
Each kid will inherit one duplex and we want to teach them as much as possible.
Does this sound like a good plan,
Or am I missing anything?
Buy and hold, and have some cash flow eventually (enough cash flow to continue this journey year 1-2) but definitely appreciation.
If we can't find duplex is it a bad idea to consider SFH with basement? We would each flip our basements and STR or MTR 1st floor and we would live in our basements of the SFH.
By year 3 we hope to each own 2 duplexes.
I would prefer single family homes I may be wrong but does single family appreciate better than duplexes? But, I also think what if STR or MTR goes good.
I don’t see a family allowing that in their basement. So for now I feel a duplex is best for our goals.
The home with the $45k balance might be our forever home once flipped the way we want it in year 3, but for now it’s occupied by a family member and we don’t want to change that…..
We want to use our cash now for these duplexes and save that for our home in year 3. Then after settled move into other projects each year to pay down debt.
also, from FHA one to two on our duplex we would need to refinance out of that loan, correct? Or I guess the 2nd loan would be conventional? We would like our home year three to be FHA as well.
