If you buy a duplex and live in one unit, you want to consider if you do not mind the tenant knocking on your door in the middle of the night for the slightest problem.
If you can afford to live in your current house and invest in a condo and start investing this way, it might be better .
Talk to an accountant and also see how much money you have to invest and talk to a lender .
At first glance it seems like wonderful option to downsize and go into a duplex. With the sale of the home, enough revenew should be gotten for a good investment property, such as a duplex. Being a landlord brings both profits and headaches!! But it can be great.
If you are serious about this, call me back and or email me back. I'm an experienced agent, that works both sides of the Delaware River! Both Philly and South Jersey! This really open up a vast area specially when it comes to investment properties!
Looking forward to hearing from you.
cell: 609 381 3182
RE/Max Connection in NJ and RE/Max Home Experts in Philly
Here are some possible options that you may want to consider. However, please make sure to consult with your tax advisor and a local real estate professional first.
1. Sell your SFR and buy a duplex
2. Keep your SFR and buy a duplex as an investment
3. Buy a duplex as owner occuppied and rent out your SFR
4. Sell your SFR and become a renter
Each of those options would vary base on several factors including
- your income from current job
- how well do you qualify for new mortgage
- equity amount that you have in your existing SFR
- length of your retirement
- income expectation during retirement
- your experience as a landlord
- your estate planning
Good luck and have a great retirement!
National Brokers - connecting people to homes
There are many considerations before you can make a wise decision.
We have monthly downsizing workshops and they are free of charge.
Please call or email me for a schedule. Experts can help you make the best decision.
Best of Luck,
Victoria Wilson, licensed realtor, Century 21 Alliance, 610-755-8218 or email@example.com
I specialize in investment properties and downsizing.
I completely understand your idea...that's my retirement plan as well!
Aside from locating and analyzing the income potential of the duplex, the main
question is, "How do you feel about being a landlord?"
If you'd like a no pressure sitdown to come up with a plan, I'd be happy to guide you.
You can benefit from al my years experience as an investor and a landlord.
All the best,
Coldwell Banker Realty Corp
All the best!
I'd be happy to schedule an appointment with you to answer your questions
in more detail.
Please Give me a call @ 267-973-4302, I'm a full time -full service Realtor thas familiar with your area.
Keller Williams Real Estate
This could be a good decision. Duplex properties can often, if it's the right one, be very little per month for the property owner. What I mean is, one unit of the duplex could be rented out to a tenant. If it's the right property that rental amount could pay more than half of your monthly mortgage payment.
For instance, here in Center City Northern Liberties, there is a duplex for sale for $399,000. The mortgage on that amount with current interest rates for qualified buyers could be about $2,500 per month. The unit on the first level could be rented for about $1500 per month and leave you as the home owner living in the larger upper floor with a roof deck for about $1,000 per month. This of course is just one scenario.
Based on what you want to do and where you want to live this scenario could change.
If you wanted to discuss this further please feel free to reach out to me anytime.
2200 Walnut STreet
Philadelphia, PA 19103
Based on your goals, at first glance, the obvious answer may seem to be YES; however, it all depends on really analyzing the numbers of your current situation vs. your proposed new purchase of the duplex. It also depends on all the variables of your personal finances (income, tax status, & other things ). I will be glad to review some of this with you. I am a real estate coach and real estate investment adviser. Feel free to call me and I'll be glad to review the numbers with you - no charge. I may even be interested in buying your Overbrook home since that's one of my investing areas. :-)
Coach, RE Agent & Residential Investment Specialist
If you intend to purchase a less expensive home than the one you intend to sell, chances are the down market will work against you. If you buy a more expensive home, with income producing potential, the market could work in your favor.
As others have said, being a landlord is another proposition and requires investigation into the rules, laws and processes involved. Will you manage it yourself or pay for property management? Will you be able to handle extended vacancies, repairs, maintenance etc? In a perfect scenario you have a great unit, easy tenant and the money flows in. Whether you can find the perfect scenario is another question.
Talk to people you know who are landlords and discuss what you are considering. Discuss income producing properties with a local agent with experience dealing with them. Talk to your accountant regarding tax benefits/consequences and make certain you know landlord tenant law in PA.