Yea…. Can You Believe That…?
Here’s the description
This is a 3 Bedroom, 2 Bath with a 2 car garage, fireplace, Central Heat & Air, updated Bathrooms, a Patio and a Covered Deck in the Backyard.
It’s in a great area and would be the perfect First Time Buyer investment because the payments are lower than what you would pay in rent for the same thing.
There’s Always a catch though, so here it is…
It’s a duplex which means you will have a common wall with a neighbor on one side. Yea, I know… Most First Time Buyers want a “detached” Single Family House for your first home.
Here’s My Opinion for you to think about as to why you should consider a Duplex.
#1. Remember your neighbor will be paying for a big chunk of the payment on your new home if you bought it.
#2. This would be an Investment as well as Home and there are some real tax benefits to consider. I won’t go into them here, but your accountant or tax preparer can give you lots of information about this.
#3. You don’t have to live there forever…! When you look at that “pro-forma” cash flow sheet below that I have prepared, you will see that your down payment isn’t all that much more than if you were to rent it. Why not live there a year or so and then rent the side you moved into. During that time you would have fixed it up some and it would be a great rental to build a “nest egg” or a real estate portfolio. How much money would you save each month…?
Anyway… If you are a First Time Buyer, give this some thought. There are several duplexes out there that are in Single Family neighborhoods.
Make it a Great Day…!
Ed Favinger, Broker CRS, GRI, SFR firstname.lastname@example.org 916-203-1260
Related articles by Zemanta
- How to buy a First Home (consumereducation.suite101.com)
- Expiring tax credit has buyers rushing to sign (edmondsun.com)
- Four-bedroom duplexes available below $300,000 at new-construction six-flat in Irving Park (chicagonow.com)
- Remodeled Mill Valley home on the market (sfgate.com)