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Should I Buy A Duplex And Rent The Other Half?

I live in a duplex, and when we first moved here, I think I was 17 years old, today I’m 24, and we pay around $1300 in rent for this unit. 😎Call Me😎: https://bit.ly/30IBr0i 😎Second Channel😎: https://bit.ly/3c4sVPS 💲1 on 1 Talk + My Budget + Stock Investments💲   / tommybryson   💰MY M1 FINANCE PORTFOLIO💰 PLUS $10 Link: https://m1.finance/fQsrul1PZcHM 1. The 33% Rule In reality, as long a property fits that budget of 33% I don’t care if it’s a duplex, triplex or a building The idea is that if you follow this rule you’ll be better off Here is how the Rule Works: The property you buy cannot exceed 33% of your monthly income, including all the expenses For example, Mortgage, taxes, insurance, HOA fees, and 3-5% a year for maintenance ( until you have a decent fund of repairs ) When buying, you would put down a minimum of 10% or better yet 20% to avoid private mortgage insurance that doesn’t help you personally in any way. And it also has to be on a 15 year mortgage Why I like this Rule and here is why it works : If all the property expenses don’t cost more than 33% of your income ( it means even if the worst happens and you lose your job you’re going to be fine, even if you have a vacancy you're going to be fine ) The reason you want to put down 20% is to avoid paying private mortgage insurance, and that could cost well over $1000 a year And the reason you want a 15 year mortgage instead of a 30 years mortgage, is because the goal is to own a property, not to finance for you entire life, and it also limits how much you spend ( obviously you can qualify for a more expensive house over 30 years than a 15 years ) Ps: it will also save you a lot of money interest For example Lets look a Real property Go on Zillow and show this property that pays $965 a per month And you need x amount income per month to buy it But if done correctly the tenant is bonus money not a requirement. Remember the maintenance 2-5% and also have your personal emergency account Keep in mind: If you can afford this property it means you will be able to handle anything And the extra cash you get from renting is just a cherry on top 2. How Must people Buy a Duplex They do the cash on cash return and figure that if they can make a 8-10% on their down payment then they are golden and tenant is less of a bonus but more of a requirement ( because without them, they might be in trouble) and they usually put down around 3.5-5% and of course, they get a 30 years mortgage and don’t forget the bank is willing to lend up to almost half of your income ( why because the more you spend the more they make ) For example: The amount of monthly payment is going to go down by a lot But I want you guys to notice something here Is this example you paid the bank almost 160k in interest You also have to really worry about the vacancy and you also buying something you really can't afford Warren Buffet says it best: if you buy what you don’t need, you’ll end up having to sell what you do need. ( or in my form, if you buy things you can't afford, eventually you’ll have a problem ) 3. How Would I do it Here is What I Would do: I would follow the 33% rule of course And I would also use all the tenant's rent to put towards the property to finish paying it off faster Plus an extra 15% to pay it off even faster (900) on 6k income But even then it would take 6.5 years to finish paying off this property But I rather that: Then spent 30 years with a mortgage not knowing what's going to happen And also think about it 6.5 years to build an income stream of almost 2k per month PRO TIP* INFORMATION IS EVERYTHING 👕Merch👕 https://teespring.com/stores/tommybryson ✅2 FREE AUDIOBOOKS✅ https://amzn.to/2Enayo8¬¬¬ 💰M1 FINANCE $10💰 Link: https://m1.finance/fQsrul1PZcHM 🎁ACORN FREE $5🎁 Link: https://acorns.com/invite/38EYSU ⚡FREE KINDLE UNLIMITED⚡ (traditional reading) Link: https://amzn.to/2VGbxt9 👨🏽‍💻DISCORD PRIVATE GROUP👨🏽‍💻   / discord   My Camera Gear: https://www.amazon.com/shop/tommybryson ✔ Help Us Reach 500,000 Subscribers: https://goo.gl/0wvm6w 😎All My Social Media😎 Link: https://linktr.ee/tommybryson *Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I'm an Accountant but I'm not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.