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House Hacking a duplex for 1st Home

1,549 Views | 7 Replies | Last: 3 yr ago by p_bubel
hutch012
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AG
My wife and I are in the process of purchasing a duplex in Mahncke Park near the pearl area off broadway in San Antonio. The house is older but renovated and we love the idea of owning property in this area long term. Our plan is to live in one side and rent out the other for a year or two. This allows us to put lower money down on this property than would typically be required for an investment as well as lowers our living costs. After a year or two, we would like to buy a single family home. I'm curious if anyone has any advice on the purchase of the property, the financing of the property, tax ideas, should we transfer it to an LLC, and practical ways to manage the property. I understand it's a broad question so any thoughts are appreciated. I know there will be a lot of learning/growing pains doing this but I think it'll pay off long term. I'm interested in real estate and like the idea of using standard low money down conventional financing to start the journey.

Thanks!
SteveBott
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AG
Hutch I don't want to write a TLDR trying to answer all your questions. My contact info is on my profile. give me a call. It will be a lot easier and better for you. I can answer mortgage questions
gvine07
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AG
^ this was my plan right after college, but it was not in the cards for my wife and I.

I encourage you to do it. I haven't done a lot of research about that area, but we visited some friends there 2 years ago and I think that area will appreciate.

Just make it happen is my advice. Don't be scared to have it in your name, an LLC is not required. You can find people who have 50+ homes in their name. You can get an umbrella insurance policy if y'all have concerns.

You may want to stay 2 years to qualify the rent as income for your next home loan, and to give you the ability to sell the property without paying income tax for 5 years (restrictions apply).
schwack schwack
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I don't know all the answers, but I wish I had done this when we were younger. Such a smart way to start investing in rental properties if that's what you're interested in. I'd stay in it long enough to save up a nice big down payment for my single family residence & keep it as an income producing rental property forever.



Rick Burns
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We did it. It was a good investment.
mwp02ag
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I am currently owner occupy a triplex in Tobin Hill. Its a GREAT plan IMO. Feel free to shoot me any questions figtreehomessa@gmail.com
p_bubel
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I know that area well, I tried to buy a small triplex there many moons ago.

The plan was the same as yours save for a twist at the end where I eventually converted it back to a single family. Which at that time was worth more than a small multi family.
mwp02ag
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AG
That may be the case for my 1910 built home too. Its going to be interesting to see what happens to the urban infill trend in SA with all this craziness.

We didnt do much with the exterior on her since she has good vinyl over the original 2" lap so while we originally wanted to keep this home forever it may make sense to convert back to SFR and sell when we do the exterior renovations.

Embry is currently building ~400 units at the Josephine exit from 281 and Materials Marketing building has been sold to a developer building a multistory mixed use development all within a 1/2 mile from us. We're currently AirBNB our two upstairs apartments and plan to stay that way for now so its interesting to watch the market cycle all in real time.
p_bubel
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You're in such a good spot. Congrats!
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