My goal was to save up money to invest into some property. im a first time buyer, should i go with a duplex ?

Question

or should i look for something more than two units?

Answer 1

If you are looking it as an investment just go for 2.  Investments always should be diversified to avoid risk. Property investments are the best investments available to people but it has one biggest problem. Property investments fails in the liquidity scale.

Answer 2

Number of units is not the important thing...what you want to know is: does the income at least come close to paying the mortgage, taxes, insurance ???

...and look for a property that does not have repair problems imminent...good looking roof...good water pressure...furnace/ A.C  in decent shape... do the tenants look like they're taking care of things?  Windows/ screens look okay?  

If you really get your eye on something,  ride by a few times at different times of the day...different days of the week....you don't want to buy into " legal problems" if it's a teen hang-out ( no matter how nice the family looks when you're there with an agent.)

Answer 3

Are you a planning on renting it out?

Lenders don't usually like to lend money for the purchase of "renting units" to those who do not have experience as a landlord.

Usually when you purchase your first house, they'll make you sign an agreement that you agree to live there for x amount of years.

Also, are you ready to be a landlord if you plan on renting it out?

My advice is this:

1) You first house will never be your last or dream house.  Do not get emotional and buy something you think you'll live forever in. You won't.  Buy it, keeping in mind how much you can sell it for in the future, if you can sell it in the future, is it close to schools, shopping, the freeway, a bad area, etc.

2) Buy something cheap that after x number of years you can rent out if need while you go and buy a better house.  The mortgage has to be low enough so it closely matches the rent being paid so you do not have to pay a lot out of pocket to cover the remaining mortgage.

3) Get a decent location where you yourself would want to rent.