By Andy Meeks, September 18, 2018
A solid first-time homebuyer option that’s often overlooked – the duplex.
There are a lot of advantages to an owner-occupied duplex property, including leveraging better mortgage rates, lower downpayment requirements, and higher borrowing limits than would otherwise be required for a pure investment property. And it can be easier to find options in the more sought-after parts of town where one might be priced-out of single-family detached homes.
The strong rental market in Portland supports steady tenant demand, and the supplemental income can help build equity and wealth more quickly than a single-family detached home. AirBnB options abound, too, especially when one of the units is owner-occupied.
(Of course, duplexes are also an excellent non-owner occupied investment option, as they provide a buffer when one of the units is vacant, and are generally compact enough that maintenance is fairly straightforward.)
If you’re ready to be done with the live-in roommate, but don’t mind sharing a wall and some common spaces, it’s worth considering a duplex. There are a lot of options around town in all different styles, ages and price ranges.
This Forbes article has some great additional information, as well.
Let me know if you want to talk more about how this could work for you, or someone you know!
Header Art and Credit: Birgul Zalkhayeva on 123RF.com
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ANDY MEEKS
Living Room Realty
Licensed Oregon REALTOR® | Earth Advantage Broker
andy@livingroomre.com | 971.400.0195 | PDX
Your referrals are at the heart of my business,
and always greatly appreciated. Thank you.
Andy Meeks
Principal Broker | OR
My clients are always my top priority, and my singular focus is their success. This is the intention I set every day.
My training and background as a licensed attorney helps me lead with a sharp attention to detail, a keen ear and focused voice, and an unwavering commitment to integrity, transparency and discretion.
I’m a passionate advocate and I thrive when helping others succeed, and I’m always available to connect over a cup of coffee to learn how I can help make good things happen.
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The choice to become a real estate broker was a joyful combination of two very different careers. Prior to moving to Portland in 2008, I was an environmental and title closing attorney in Massachustts. Since then, I've served as a program manager and fundraising professional for Portland-based non-profit organizations Friends of Trees, The Freshwater Trust and Ecotrust.
While not scouting homes and helping clients, you can find me riding bicycles, skiing, digging in the garden, experimenting in the kitchen, and exploring the stunning beauty of the Pacific Northwest.
Please let me know how I can help you or someone you know. Thank you!
*I'm licensed as an attorney in Massachusetts and can't offer any sort of legal advice.
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