Hi guys, I'm planning on buying a duplex or triplex within this year. I am planning to live in one of the units and I would want to rent out the other units. What are your thoughts on this? Does this sound profitable?
I did this with a duplex that I used to own with an ex-GF and it worked wonderfully for us. Bear in mind that the price of real estate in L.A. is higher than average, but we bought a duplex and lived in the 2-BR side and rented the other side with 1-BR which knocked off about 55% of our mortgage payment - then we split the remaining 45% of the mortgage between us. We were very happy with this arrangement.
Just make sure you do the math correctly and include property taxes, utilities, etc into your cashflow and it could prove to be a great move!
Good luck and let me know if you have any questions.
EZ Landlord Forms
EZ Landlord Forms- State Specific Legal Landlord Forms - everything you could ever need to effectively run your properties.