Newbie Question
Me and my wife are planning to buy or first house and we were deciding if maybe it should be a duplex. That way, we could rent out the other side and be able to keep an eye on the tenants and property. With this in mind, I have two questions:
1. How can i determine the appreciation value in a certain neighborhood and
2. Does this seem like a solid idea or am I asking for trouble being so close to the tenants.
Thanks!!
hello leatherneck..is that like in jarhead? Just curious..no harm intended..I'm a vet..Army....lol anyway.
Your idea is a great way to get started. You can move later on when you get situated and find anothe rplace for your self...this will give you time to put all your duck in a row.
To learn the appreciation of a neighbor hood, go to a realtor and ask how well the surrounding area has been doing for the last year. BTW, the tennamts are less likely to tear up your apartment if you are there too...intimidation factor, but you have to keep things on a professional basis. Good luck
Quote:
On 2004-02-11 15:09, Leatherneck wrote:
Me and my wife are planning to buy or first house and we were deciding if maybe it should be a duplex. That way, we could rent out the other side and be able to keep an eye on the tenants and property. With this in mind, I have two questions:
1. How can i determine the appreciation value in a certain neighborhood and
2. Does this seem like a solid idea or am I asking for trouble being so close to the tenants.
Thanks!!
As for determining the "appreciation value," I'm not sure what you mean.
If you're taking about what the future holds for that specific property's appreciation, the best indicator of the future of a certain market often lies in the past. But there are a number of other factors to consider moving forward, such as interest rates, job creation, etc.
For an accuarate gauge of appreciation trends, check the recent sales of the home you're interested in specifically, and the homes in the neighborhood over the last five years Also, get some comps from your agent or on your own.
As for your second question, living in the property you're renting, ie. "owner occupied," definitely has it's advantages.
First, your tenants are less likely to pull any crap with you right there. Note: "when the cat's away the mice will play."
Secondly, you have more control over the tenant screening process. By law, it's within you right to be far more "discriminating" when choosing a tenant for an owner occupied property, as opposed to one that's unoccupied.