I have become one of you today. First time homebuyer, duplex with a tenant. Next one in hopefully 18 months 🤞

likeuplifting
Posting as :
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Please be a good landlord. There are more than enough slum lords in this industry.

likesmart

If you have different opinions than what other people post you should comment on them. This bowl should be a place a for discourse.

helpfulfunny

Congrats!!

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Congratulations!

like

Nice! Congratulations

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Congrats!

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Congratulations!
Which city ? Any lessons learned?

Seattle metro, fairly distant suburb. Lessons?
1) financed offers can be competitive if you're not afraid to swing around a hefty 22AD in this economic environment. Mine ended up appraising over listing ~1.5% anyway, so it didn't play.
2) my monthly payments are less than my sky rocketing rent when factoring in rental income. As scary as higher interest rates and continuously growing prices are, rising rents are still worse in this metro. Totally worth going for higher tier of prices with the knowledge that rental income effectively brings down monthly payment.
3) VA appraisers can miss a surprising amount, intentionally or not. I've had a contract in LA fall through bc one was a stickler. This one didn't even call out a missing smoke detector, missing straps and drip pan for a water heater, or drainage not leading far away enough from foundation among other minor but obvious issues.

Will probably think of more after a couple weeks of all this sinking in

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