Should I buy a duplex? ⎮ PROS and CONS from person experiences ⎮Real Estate VLOG

Подписаться 613

Просмотров 27 тыс.

50% 1

Here are my personal experiences from owning my own duplex investing!
Pinterest worksheets that can help you save for your new home: / save-money-for-a-home
If you want more tips for first time home buyers: • 8 First Time Home Buyi...
Make sure to subscribe to my channel 🫶🏼
Follow on IG: @investwithtania ( / investwithtania )
✨MENTIONED/FEATURED | need a link? comment below:
Audible (3 months free): amzn.to/45axaBR
🎥 Film Equipment:
MIC: Rode VideoMic GO II Ultracompact Analog/USB Camera-Mount Shotgun Microphone Bundle with Deluxe Windshield for VideoMic GO II: amzn.to/3OCr7Rd
CAMERA: Canon EOS Rebel T5i EF-S 18-55 IS STM Kit: amzn.to/3OBMJNy
TRIPOD: MACTREM 80" Camera Tripod, DSLR: amzn.to/3Oj9Ye7
TUBEBUDDY (KEYWORD SEARCH): www.tubebuddy.com/taniamartinez
Shop My Store Front: shop.howl.me/taniamartinez
_______________
FAQ
🏡 What type of real estate do yo help with? I primarily work with real estate investors and first time home buyers that are thinking of creating wealth through real estate.
🏡 How did you start your real estate journey? I started in 2016 as a real estate assistant and then got our first home and real estate license in 2017. We started with a small 2 bed 1.5 bath town home and now own and manage 4 rental properties plus our own.
🏡 A piece of advice for first home buyers? Buy within your budget and don't try to impress others.
ABOUT
I’m an real estate agent, content creator, and youtuber who create content based to help people create a wealthy bueatiful life. I talk all things money, real estate investing and how to create wealth from zero.
_______________
CONTACT ME | LET'S WORK TOGETHER
Business and consulting inquires only, email me: investwithtania23@gmail.com
_______________
DISCLAIMERS:
I am not a CPA, attorney, insurance, or financial advisor and the information in these videos shall not be construed as tax, legal, insurance, construction, engineering, health and safety, electrical or financial advice.
VIdeo Affiliate links:
The opinions in this video are my 100% honest opinion of this company/product based on my own personal experience. Please note that some links may be affiliate links. This means that I get a small percentage of money if you choose to buy a product I linked in this video, however, it does not change the price you pay.
FTC DISCLAIMER: This video is not sponsored.

Кино

Опубликовано:

17 июл 2024

Ссылка:

Скачать:

Готовим ссылку...

Добавить в:

Мой плейлист

Посмотреть позже

Комментарии : 74

@InvestwithTania 3 года назад

Book Recommendations: You Are a Badass at Making Money: Master the Mindset of Wealth: amzn.to/33uuLEX The Total Money Makeover: Classic Edition: A Proven Plan for Financial Fitness: amzn.to/3nEFZhZ Rich Dad's Guide to Investing: What the Rich Invest in, That the Poor and the Middle Class Do Not!: amzn.to/37BCTWF

@JamesHollowayYT 4 года назад

Making sure you don’t become friends with your tenants is a great tip! I steer away from that as well. I have two properties right now (single family homes) and they cash flow me $1100/mo!

@ebonhawk7801 Год назад

What types of single family homes? Condos or a simple house in a neighborhood? I’m trying to see what type of single family homes are best

@InvestwithTania Год назад

@@ebonhawk7801 I prefer single family homes but in our area, a lot of neighborhoods do not have POA or HOA fees whereas condo do. Yes a condo can be a bit more exclusive but I find most people in our area, at least, prefer to rent a house.

@SerenaDAlexander 4 года назад

So many things to sort out that I never would have even thought of. Very honest advice. Especially about not being friends with the tenants. Best to keep thing nice and simple

@keithfreitas2983 3 года назад

Strongly recommend a property manager to take care of the tenant. No headaches like banging on the door in the middle of the night to fix something. Not having to worrying about not collecting rent, evictions or interviewing prospective tenants and credit checks. It's a tax writeoff. Been there done that.

@InvestwithTania 3 года назад

For sure! Right now, we don’t mind doing the work but once we get 10 plus doors, we will definitely make the switch to keep our sanity!

@Norm475 3 года назад

It depends on where you live. I just sold my duplex. In my 32 years of ownership it doubled in value however, the dollar lost half its value so basically it just kept up with inflation. In some areas of the country property will increase in value significantly faster than inflation. If I was to use a property manager and hire all maintenance done it would have been a loosing investment. Don't fall behind on rental increases. It is easy to do especiall once it is paid off. Usually if you raise the rent 2-3% a year the tenant will agree with that increase. Everytime a tenant moves out it can cost you thousands in lost income, painting, cleaning and repairs. Don't become friends with your tenant keep it as a business. When you sell it you will have to pay taxes on the inflationary gains and recapture capital gains. I will be paying the Feds $11,000 and the state $3,000 in taxes on the sale. I don't regret buying it but I am sure glad it is gone.

@keithfreitas2983 3 года назад

@@Norm475 But all that you spent on it plus depreciation should have given you a good tax refund. Sorry you had to sell and pay taxes. Couldn't you have done a 1031 and turn it over for 2 properties? That's what I did for my 1st one. When I sold bought a house, 2 condos and a duplex in 3 different states all with Property Managers. Yes there were at times repairs over 1000s but very very rare. No property has stayed empty for more than 2 weeks. The duplex was great cause when one tenant moved out I still had income. When the house was empty there was no income. The condos were student housing with 4 students in 4 bdrm/4 ba in each. So if I lost a student there were 3 more. I always had 3 months of reserve to cover tenant loss plus insurance. I have owned them for over 15 years now.

@DaveMyLendr 4 года назад

great points! Per my experience when purchasing an investment property, one must remove the emotions out of the transaction and simply see it as a business transaction. If the return on investment is low or non-existent, its simply not a good investment. Great video!

@darylballard307 4 года назад

Great information. Thanks for sharing Tania. Good tips for those looking for a duplex. Especially liked your comments about the relationship with tenants.

@MrKB209 2 года назад

I like the info you put out. It was straight to the point. Thanks!

@YesToTech 4 года назад

Thanks for sharing the pros and cons of buying a duplex! Great tips! :)

@ezel909 2 года назад

Thank you. I'm researching and learning at the point myself and I really appreciate this video!

@InvestwithTania 2 года назад

Thank you for watching!

@CristianFontanelliTV 4 года назад

Great advice! Love the pros and cons approach :)

@Lasagna_is_a_sandwhich 2 года назад

This was an impressive, well made informational video. I am also a REALTOR who recently purchased a duplex. Great tips

@leroybaileyjr.134 2 года назад

Thanks a lot !!!! Good Job -- very helpful insight and tips ....

@TrentKennelly 4 года назад

This is an excellent perspective. I hadn’t considered it but I may now...

@rramanauthor2992 4 года назад

i was definitely thinking about getting a duplex once as it was a good price. thank you for this tips for looking at. i appreciate this informative video on it.

@SwinkMediaHouse Год назад

In the process of purchasing my first duplex and you answered some really good questions for me... thx!

@InvestwithTania Год назад

You’re welcome and congrats!

@4mbrad642 3 года назад

Appreciate your input on this topic! Great info, thanks.

@InvestwithTania 3 года назад

Glad you enjoyed it!

@HorizonIndex 2 года назад

Recently looked into buying a duplex as a first home, great video, thanks for sharing with the community!

@AllThingsJeerah 2 года назад

That's what I'm considering. Did you do it?

@SymphonyKitchensInc 4 года назад

Amazing video! Thank you for sharing!

@CarolMould 4 года назад

I’ve had good and bad experiences with tenants. Great advice

@jennybellido3279 4 года назад

This is very helpful, thanks!

@VeronicaDiPolo 4 года назад

Thanks you, great tips

@savesinnersrecords3715 2 года назад

So informative thanks

@ProfessorTanyaSpeaks 3 года назад

Great tips.

@maximizedmoney Год назад

That last tip is gold! I’m buying a duplex and I don’t even want to rent to anyone I know. I’ll do little things but i’ll be clear that this is transactional.

@InvestwithTania Год назад

Thank you! I’m so glad you found this useful! And congratulations on your purchase! 🥳

@tianoninanana 3 года назад

Thank u so much 4 this!

@InvestwithTania 3 года назад

Thank you for watching!

@markmangano1731 2 года назад

Great video thank you

@marcypatterson3878 4 года назад

awesome info

@lastuchiha4504 Год назад

Thank you so much !

@Erlan79 Год назад

Thank you for sharing

@InvestwithTania Год назад

You’re welcome!

@thomastaylor1217 2 года назад

Damn Tania, blink...👀...🤣🤣 Great advice and tips thank you

@giovanniturrubiartes2700 2 года назад

Would you be able to do a step by step on how to even start to buy a duplex? Qualifications and such? I’m 25, I make $18 an hour, and I have a credit score of 750. I have like 5K in credit card debt.

@lateefalanos1480 2 года назад

Find out your credit score. Get approved for home loan

@giovanniturrubiartes2700 2 года назад

@A. H. I got a lot to work on then, thank you I appreciate the advice

@YungEch Год назад

@@giovanniturrubiartes2700 update?

@TheTimWolf 4 года назад

awesome comments and tips!

@dorlalake8578 3 месяца назад

How did you become pre-qualified for the duplex loan?

@simonschoon2115 3 года назад

Did any of your duplexes require work? Are you able to finance upgrades / repair or must that come from savings?

@InvestwithTania 3 года назад

So we did the repairs from savings. In one duplex, we had a pest issue that we had to exterminate. Another we did paint, take out carpet, and toilets and someone else did the rest of the flooring. We do add in all new appliances minus the fridge in all the duplexes. We chose not to finance the repairs in because the interest rate would have been higher.

@simonschoon2115 3 года назад

@@InvestwithTania Thank you.

@missdesireindependance5194 2 года назад

It’s best not to rent to friends or family.

@Omegatonboom 3 года назад

Thanks!!

@johnnybravo805 3 года назад

Hey Tania did you and your husband create an LLC for your rental property business?

@InvestwithTania 3 года назад

We are in the process of doing that now! We have been dragging our feet a bit on that.

@johnnybravo805 3 года назад

@@InvestwithTania nice! I am working hard right now to start this kind of business with my wife 😊

@missdesireindependance5194 2 года назад

@@InvestwithTania Your landlord insurance coverage should cover you.

@DGarcia007 10 месяцев назад

In what state are you based out of?

@YungEch Год назад

do we have to do home inspection ?

@InvestwithTania Год назад

No, a home inspection is optional but very recommended. An inspector will go through their checklist and hand you back a report of the good, bad and potential ugly of the house because they go into places most people know nothing about like crawl spaces and attics. But if you know a contractor that knows their stuff and can help, take them through the the house and I have seen this save people money as well.

@SydneyScream 3 года назад

Does this mean you don't have a management company? Or maybe I'm just confused

@InvestwithTania 3 года назад

No we don’t have one at the moment maybe in a few years but right now I handle most of it

@MarioLuigi86 3 года назад

Hi, But how do you raise rent more than what Ontario or your province allows? In Ontario you can only raise by about 2%. And during pandemic not allowed to raise at all.

@InvestwithTania 3 года назад

Sorry this is soo late.... I will say that my state is very relaxed on how we raise our rents and the pandemic didn't really seem to affect that. Have you thought about pet fees, instead of a pet deposit? We do a month nonrefundable pet fee rather than a deposit and gives us a bit more income rather than raising the rent.

@trippewing1144 2 года назад

you said pay for home warranty??

@InvestwithTania Год назад

Yes I do recommend a home warranty, though right now they are taking forever to get A/C units fixed, other then that they have worked well for me.

@jessicadiaz3247 3 года назад

How much down payment did you put down ?

@InvestwithTania 3 года назад

Hi Jessica, Sorry I missed this last week! For the first duplex we did have to put 25% down as my husband was having issues with this residence documentation but for the second one all of that was fixed and we were able to get in with an FHA 5% loan. I did move into both duplexes. Most people can get into their first duplex if they live in it with as little as 5% to 3.5% down payment and paying closing costs. On a $250,000 (Average for my state) with a 5% down payment would be $12,500 plus closing costs which would be an average of $7,000 depending on your state so you are looking at a little under $20,000 to get in. Thanks for watching!

@eidermatos90 3 года назад

@@InvestwithTania thank you for the numbers. I'm planning to buy a duplex but I was wondering how much money out the pocket I needed. Thank you for your clarification. Good video btw

@acegrooms5135 3 года назад

Oh man I couldn’t imagine buying a property then finding roaches.. I would probably cry lol.

@InvestwithTania 3 года назад

IT WAS AWFUL! Now it's clean but we do a yearly check now lol

@makug Год назад

Only Americans would say "don't become a friend with .." cuz money is more important 🤣

@InvestwithTania Год назад

Yes, because I have seen other clients get taken advantage of. It's a business. It's unfortunate because those clients are really kind people people and the people ended up not paying 2 months and wrecking their home.