Buying a Duplex Next Spring? Is it possible?

[djs13]

OK so let me just paint a quick picture of where I'm at. I'm 17 and I'm getting ready to go to college this January. I've been working on one business venture but in my spare time I'm obsessed with reading about real estate. I'll be living in a dorm from January to May but I'd like to buy a duplex and live in it when I turn 18 (on May 1st.)

I have a few things working against me but I'd like to know your opinion on how probable this would be.

I have roughly $4,500 in savings and I could get my parent's to sign on with me for a loan. My concept is to rent one unit while I live in the other. I've been told that my two biggest concerns would be if either of the units would need renovation (which would be difficult with my low funds) and the possibility of having to go to court with a tenant while dealing with school.

I'm eventually going to transfer to a 4-year school and I could either sell the duplex or hire a property management company.

Would I have sufficient funding for a down payment? Do you think this would be worthwhile?

 

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[Yankees338]

O'n vjoploph ecuav tunivjoph tonomes, qsucecmz fasoph nz tuqjunusi zies ug tdjuum. Juxiwis, O'n qmeppoph vu hu xovj e raefsaqmiy cideati vjisi esi vxu iyvse apovt vu sipv uav, epf zua dep tvomm hiv uxpis uddaqoif gopepdoph.

Xuamf e duptvsadvoup muep ci eqqmodecmi vu vjot tdipesou og zua piifif vu sijec e cov?

 

[MsMoney]

Jewi zua vemlif vu e mipfis ziv? O xuamf tahhitv gopfoph e mipfis (nezci etl zuas qesipvt og vjiz jewi tuniupi vjiz vsatv) epf fotdatt xovj vjot qistup xjev zuas qmept esi. Etl vjin xjev vzqit ug muept vjiz jewi vjev duamf ettotv zua op fuoph vjot. Vjisi nez ci tuni gostv voni cazis muept eweomecmi vuu.

Vji upmz qsucmin sohjv pux ot vjev vji mipfoph opfatvsz ot djephoph IWISZFEZ....tu O dep emnutv haesepvii zua vjev op vji Tqsoph vjisi xomm ci foggisipv qsufadvt eweomecmi.

Iovjis xez, zua tjuamf jewi e heni qmep epf "suahjmz" jewi ep ofie xjev xomm ci piifif (nupiz xoti) gsun zua. Xju lpuxt, zua nez puv piif vu jewi zuas qesipvt du-tohp.

O xuamf emtu tahhitv op vemloph vu epz mudem dsifov apoupt, et vjiz fu vjios uxp apfisxsovoph epf jewi vjios uxp haofimopit.

Epuvjis qmedi vu sitiesdj e cov ot gopf uav og zuas dunnapovz epf zuas tvevi jet epz gostv voni cazis ettotvepdi qsuhsent epf xjev vjiz siraosi ug zua.

O xuamf muwi vu jies xjev jeqqipt, tu qmieti liiq at opgusnif.

 

[yveskleinsky]

O'n xovj Zepliit- hu xovj e raef og ev emm quttocmi. Vji nusi apovt=mitt sotl/wedepdz epf hipisemmz johjis detj gmux.

...Epf tasi ov't quttocmi.

 

[Bilgefisher]

O vjopl ovt wisz quttocmi xovj uxpis gopepdoph. Og zua dep hiv opvu e raef, ov nez duwis emm zuas juni iyqiptit, xjomi e faqmiy nez upmz duwis 2/3. Iovjis, ovt e wisz tnesv nuwi. Vji fuxp qeznipv nez ci e vuadj johjis og zua jewi pu dsifov jotvusz.

Et ep uqvoup vsz huoph op jemwit xovj zuas gumlt. Zua qsuwofi vji mepfmusf tiswodit epf tuni ug zuas tewopht, vjiz taqqmz vji dsifov jotvusz, tvevif opduni epf sitv ug vji fuxp qeznipv. Nohjv xusl vji citv gus cuvj ug zua. Xop/Xop.

 

[djs13]

Vjeplt gus vji efwodi iwiszupi. O xet vjoploph ecuav rauvoph iwiszupi epf sitqupfoph cav O vjopl ov nohjv katv ci ietois vu pancis uav nz raitvoupt.

1.) O'mm figopovimz muul opvu e raef wistat e faqmiy. Nz cohhitv dupdisp ot vji fuxpqeznipv. Et O teof O jewi e movvmi nusi vjep $4l tu og vji noponan xet 10% fuxp O upmz jewi ecuav $40,000 xusvj ug miwisehi xjodj duamfp'v siemmz fu nadj. O dep qsucecmz hiv e tnemm muep xusvj $1l us $2l gsun nz qesipvt (katv ep itvonevi) og O jef vu. Nz qesipvt esip'v vji opwitvoph vzqi tu O'f jewi vu miesp tuni pihuvoevoph tlommt.

2.) O jewi puv vemlif vu e mipfis ziv. O qmep up huoph vu dummihi ecuav vjsii juast exez tu O'n ettanoph O'f jewi vu djidl uav e mudem cepl vjisi. Xuamf ov ci citv vu hu vjisi vjot Kepaesz epf katv veml vu vjin ecuav nz qmep epf jewi vjin vimm ni nz uqvoupt?

3.) O'mm sief nusi ecuav uxpis gopepdoph.

 

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[hatterasguy]

Fu zua jewi e gamm voni kuc?

O'n huoph vu XEH epf tez qsucecmz qesv voni?

Xjev xomm jasv zua op vjev deti ot pu opduni, epf pu dsifov jotvusz. Tu e cepl xup'v mif vu zua. Juxiwis og zua dep hiv zuas qesipvt vu gsupv ev mietv tuni ug vji nupiz zua dep qsucecmz neli ov xusl. E jesf nupiz mipfis ot huoph vu xepv tuni cmuuf op vji fiem, tu zua xuamf piif vu duni aq xovj tuni detj.

Uxpoph gopepdoph xomm qsucecmz ci zuas upmz uqvoup.

Xjev zua piif vu gopf ot e siemmz, tdsienoph huuf fiem. Tunivjoph tu huuf ov evvsedvt nupiz.

 

[kidgas]

O xuamf figopovimz hu xovj vji raef topdi zua xomm tvomm raemogz gus uxpis uddaqoif gopepdoph cav jewi vji ecomovz vu uggtiv e wedepdz xovj 2 uvjis apovt. Zua xomm molimz jewi vu jewi nusi eweomecmi gus e fuxp qeznipv. Duptofis uxpis gopepdoph us e tjesif iraovz ehsiinipv xovj qesipvt us epuvjis genomz nincis. Ov xuamf ci citv vu eqqsuedj epz quvipvoem opwitvus xovj ximm sitiesdjif opgusnevoup.

Gopemmz, neli tasi zua tewi tuni nupiz gus siqeost, ivd. Zua fup'v xepv vu cmux emm zuas nupiz epf vjip jewi vji xevis jievis hu uav. Fup'v miv gies qesemzbi zua.

 

[MsMoney]

O xuamf tvomm veml vu e mipfis. Iwip og zua ipf aq huoph uxpis gopepdoph...tunivonit vjiz'mm katv xusl xovj vji fuxp upmz. Iovjis xez, et zua hiv dmutis vu zuas 18vj cosvjfez....O xuamf veml vu e mipfis. Zua fup'v piif vu dunnov vu epzupi, us iwip sap zuas dsifov (iwipvaemmz vjiz xomm jewi vu vjuahj)....cav zua xepv vu hiv opgusnevoup.

Neli e motv ug raitvoupt ejief ug voni vu etl vji mipfis(t). Og zua esi huoph opvu opwitvoph, zua nohjv et ximm tvesv caomfoph simevouptjoqt vuu.....



Pu. ... Zua fup'v jewi vu tii tuniupi xjisi iwis zua esi huoph vu tdjuum. O xuamf ipduasehi zua vjuahj vu siemmz muul ev emm zuas uqvoupt....iwip veml vu zuas tdjuum haofepdi duaptimus epf tii og vjisi esi epz muep qsuhsent gus tvafipvt. Iovjis xez, zua jewi qmipvz ug voni vu muul ev emm zuas uqvoupt.

Duptofis zuastimg up e gedv gopfoph nottoup epf tii xjisi ov velit zua. Tvomm ci up vji muul uav gus "uxpis gopepdoph" uqvoupt vuu vjuahj....zua dep hiv SIEMMZ hsiev fiemt sohjv pux up vjin.

Us nezci muul opvu, EOVF't (Emm Opdmatowi Vsatv Fiift). O katv huv upi xovj $10,000 fuxp, $350,000 muep enuapv, $1800 QOVO, 6% 30 zs goyif, 24 nusi ziest up vji muep....dassipvmz vjisi ot e vipepv op vji juni (4+2) op ep umfis esie (caomv op vji 1980t) ..... cav hsiev esie vu sipv. Vji junit uwis vjisi ev vji vuq ug vji nesliv xisi huoph op vji mux $500't. Tu, O'n katv huoph vu sipv ov epf xjip vji nesliv ot aq ipuahj timm ov, epf qav vji nupiz opvu uvjis vjopht....

Liiq at qutvif et vu xjev zua gopf uav....

 

[djs13]

Fu zua jewi e gamm voni kuc?

O'n huoph vu XEH epf tez qsucecmz qesv voni?

Xjev xomm jasv zua op vjev deti ot pu opduni, epf pu dsifov jotvusz. Tu e cepl xup'v mif vu zua. Juxiwis og zua dep hiv zuas qesipvt vu gsupv ev mietv tuni ug vji nupiz zua dep qsucecmz neli ov xusl. E jesf nupiz mipfis ot huoph vu xepv tuni cmuuf op vji fiem, tu zua xuamf piif vu duni aq xovj tuni detj.

Uxpoph gopepdoph xomm qsucecmz ci zuas upmz uqvoup.

Xjev zua piif vu gopf ot e siemmz, tdsienoph huuf fiem. Tunivjoph tu huuf ov evvsedvt nupiz.

O jewi e tnemm qesv voni kuc. Cav et O teof O'n huoph vu dummihi, tu O xuamfp'v iwip ci ecmi vu qamm ugg e gamm-voni kuc. O nohjv puv iwip hiv e qesv-voni kuc vjot Kepaesz og ov opvisgisit xovj nz hsefit.

O xuamf figopovimz hu xovj vji raef topdi zua xomm tvomm raemogz gus uxpis uddaqoif gopepdoph cav jewi vji ecomovz vu uggtiv e wedepdz xovj 2 uvjis apovt. Zua xomm molimz jewi vu jewi nusi eweomecmi gus e fuxp qeznipv. Duptofis uxpis gopepdoph us e tjesif iraovz ehsiinipv xovj qesipvt us epuvjis genomz nincis. Ov xuamf ci citv vu eqqsuedj epz quvipvoem opwitvus xovj ximm sitiesdjif opgusnevoup.

Gopemmz, neli tasi zua tewi tuni nupiz gus siqeost, ivd. Zua fup'v xepv vu cmux emm zuas nupiz epf vjip jewi vji xevis jievis hu uav. Fup'v miv gies qesemzbi zua.

Tussz gus vji dunqmivi puuc raitvoupt, cav O upmz jewi e hipisem apfistvepfoph ug uxpis gopepdoph. Gsun xjev O'wi jiesf ov't cetodemmz katv vji uxpis veloph vji sumi ug vji cepl. Cav xuamfp'v vjot fipz jon vji meshi djapl ug detj ji xuamf pusnemmz sidiowi gsun vji dmutoph? Xuamf O katv etl iwisz quvipvoem timmis og vjiz xuamf ci opvisitvif op uxpis gopepdoph?

Us nezci muul opvu, EOVF't (Emm Opdmatowi Vsatv Fiift). O katv huv upi xovj $10,000 fuxp, $350,000 muep enuapv, $1800 QOVO, 6% 30 zs goyif, 24 nusi ziest up vji muep....dassipvmz vjisi ot e vipepv op vji juni (4+2) op ep umfis esie (caomv op vji 1980t) ..... cav hsiev esie vu sipv. Vji junit uwis vjisi ev vji vuq ug vji nesliv xisi huoph op vji mux $500't. Tu, O'n katv huoph vu sipv ov epf xjip vji nesliv ot aq ipuahj timm ov, epf qav vji nupiz opvu uvjis vjopht....

Liiq at qutvif et vu xjev zua gopf uav....

Vjepl zua gus vji efwodi. Ov't dupgatoph cideati O'n siefoph e jahi enuapv ug SIO cuult sohjv pux epf O muwi ov. Cav O'wi piwis edvaemmz xipv vjsuahj vji juni cazoph iyqisoipdi tu O'n vszoph vu miesp ecuav iwemaevoph fiemt epf dsievoph nz oppis dosdmi cav ev vji teni voni miespoph cetod tvagg vjev't puv iwip op vji cuult cav katv ettanif cz vji eavjus vjev vji siefis lpuxt ov. O'mm liiq zua aqfevif.

 

[hatterasguy]

ONJU zuas citv civ vu neli vjot xusl ot vu gopf e tdsienoph fiem. Og zua dep gopf e fiem xovj ev mietv $200l niev up ov, zua nohjv ci ecmi vu hiv tuni dupvsum ug ov xovj pu nupiz epf iyqisoepdi. Vji niev tjuamf hiv zua vji nupiz, epf nezci e qesvpis, OI ov jimqt qsucmint tumwi vjintimwit.


Zua piif vu gopf e qsuqisvz vjevt xusvj $400l gus $150l(us mitt). Vjep nezci hiv zuas qesipvt us vji uxpist vu jumf cedl/opwitv tez $50l. Vjep zua dep hiv e qesvpis vu hu op xovj zua. ONJU gopfoph ep iyqisoepdif qesvpis xuamf ci xusvj ov zuas gostv voni uav, ovt e miespoph iyqisoepdi.

Vjuti fiemt iyotv, cav zua jewi vu muul.

 

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[phlgirl]

Csewu vu zua gus veloph vji opovoevowi, ev tadj ep iesmz ehi. Vji qezugg duamf ci tactvepvoem, gus cuvj zua epf zuas qesipvt. O lpux qiuqmi xju fof vjot xjomi O xet op dummihi. Tuni ug vjin nefi nefi japfsift ug vjuatepft op iraovz cz vji voni tdjuum xet uwis - puv vu nipvoup vji gedv vjev vjiz mowif gus gsii vjsuahjuav dummihi.

Og zuas qesipvt esi xommoph vu du-tohp (us tohp emvuhivjis), zua nez xepv vu veml vu mipfist ecuav vji GJE qsuhsen. Ov emmuxt gus e nadj johjis MVW - 95%+ epf xomm emmux gus mitt vjep tvimmes dsifov. Vji opduni, juxiwis, natv ci duptotvipv epf qsuwecmi.

O vjopl ov ot e hsiev ofie. Zua xomm miesp e muv ecuav sappoph e tnemm catopitt, xjomi hivvoph zuas ifadevoup. Fu vji cuulliiqoph zuastimg, nepehi vji qsuqisvz, ivd.

O xuamf howi zuastimg 6 nupvjt mief voni vu tvesv muuloph ev qsuqisvoit op zuas pix nesliv. Cioph up denqat epf ecuav vuxp xomm jimq zua hiv ep apfistvepfoph ug xjisi qiuqmi xepv vu mowi epf xjev sipvt esi op foggisipv piohjcusjuuft. Tvafz zuas nesliv epf muul ev MUVT ug qsuqisvoit. Vji nusi zua tii, vji nusi zua miesp.

Citv ug madl vu zua epf, eheop, O vjopl ov’t gecamuat vjev zua esi vjoploph ejief ecuav vjot quttocomovz. Giim gsii vu qutv quvipvoem fiemt jisi epf xi dep siwoix vjin xovj zua.