Build New, Buy Existing, Or Go Home?
OK boys and girls, i need some advise. i am looking to leverage the equity in my home and some spare cash into an investment property. i made a great purchace on my home and have approximately $15,000 to $20,000 worth of equity to invest (not bad for 3 years eh!). i was thinking about using that money to finance building a small duplex. then i plan to use the income and equity of the new duplex to finance another one and so on. does this sound like a good idea, or should i buy an existing one? the only reason i dont like this idea is i dont want to be spending all my time updating/fixing what the last landlord cobbled together to make it pass inspection. or should i find another way to invest my money.
any advice would be more then welcome.
thanx in advance.
Hello Surlin,
I know a builder down here that is building duplexes with one car garages in between the units. I'm guessing he is doing fairly well as he is getting $1300 a month per unit.....Good luck.
If you are able to finance the construction of the duplex then by all means go for it, providing of course you have building experience or intend on hiring a licensed builder. Around here I have looked at duplexes and it seems it would be cheaper to build one than buy one so I would think you are on the right track