Starter house or a multi-unit?

By
Real Estate Broker/Owner with Maine Realty LLC
Many first time home buyers struggle with this question.  Do I buy a starter home that isn't quite what you want, or do you buy a multi-unit and owner occupy.  There is compelling arguments for both sides, and it is a question that should be thought about long and hard, especially if you are going to buy a 1-4 unit and become a professional landlord.
 Many first time home buyers are not even aware that they can purchase a 1-4 family building with the same financing that is available to them for single family homes.  Buying a multi family is a great way to leverage yourself into a larger purchase.  Things to consider when buying a multi family include, but of course are not limited to:
  • Do you know enough about property management to manage the property yourself
  • Do you want to be a "live in landlord"
  • Can you stomach the months of no rent, or worse vacancies
  • Do you believe that the area you buy in is going to give strong rents in the future
Having a real estate agent who has experience with multi units can make a huge difference in your crucial first decision as a home buyer.

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Rainmaker
592,134
William J. Archambault, Jr.
The Real Estate Investment Institute - Houston, TX
Paul,

When my soon to be bride and I were about to be married, in 1971 we bought our first duplex, we never regretted it. In the next four years we bought two more duplexes and a single family.

God Bless tenants they willing pay the mortgage.

Bill

William J Archambault Jr

The Real Estate Investment Institute

http://www.reii.org

Oct 04, 2006 06:19 PM #1
Rainmaker
309,841
Brian Brady
San Diego VA Home Loans/858-777-9751 - San Diego, CA
858-777-9751
The multi-family route is the best way to get started.  It is an inconvenience but you can learn property management in a small way.
Oct 05, 2006 01:40 AM #2
Rainer
18,314
Paul Diou
Maine Realty LLC - Portland, ME
Broker & Owner Maine Realty LLC

Bill

Thank you for you comments, I agree investment property is the way to go for many people.  My first purchase was a three unit and I have never for a moment doubted that choice.

 

many thanks for response.

Oct 11, 2006 04:04 PM #3
Rainer
18,314
Paul Diou
Maine Realty LLC - Portland, ME
Broker & Owner Maine Realty LLC

Brian:

Thank you for your comments, I agree it can be a struggle at times, but for many first timers its the best way to go. 

 

Cheers,

and good luck!

Paul Diou

Oct 11, 2006 04:06 PM #4
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Rainer
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Paul Diou

Broker & Owner Maine Realty LLC
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