Common Investment Property Financing Questions In 2020
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Common Investment Property Financing Questions In 2020
Perhaps the only phrase that’s less helpful than “it takes money to…
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Perhaps the only phrase that’s less helpful than “it takes money to make money” is “it is what it is”. Real talk, investment properties can be a wonderful way to build wealth, but financing them can be a dark art. Luckily, we’ve helped a lot of borrowers acquire investment properties and answered a lot questions along the way. Here are some common ones that may help those looking to build their investment property portfolio:
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Buying a duplex and living in one side may be an excellent path to reaching your financial and lifestyle goals, but it depends on your situation. Here are a set of questions to ask yourself:
1) Can I afford the higher upfront cost of a duplex? Consult a mortgage broker about this if you’re not sure (ahem!).
2) If the unit becomes vacant, can I cover the property expenses? If so, ask yourself for how long.
3) Can I handle the commitments and responsibilities of being a landlord?
4) Do the neighborhoods with available duplexes meet my location requirements?
5) Will my lifestyle fit into a single unit within a duplex? Families with kids pay close attention here.
If you answered “YES” to all of these, then you should seriously consider a duplex. However, it’s not always that simple, so there are more details on weighing this decision are here.
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