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House-Hacking is the concept of buying a multi-family property and then living in one unit while renting out the other units so that the tenants pay the owner's mortgage. The owner builds equity while maintaining the property!
If you have the time and means, you can also update/renovate the units you aren't living in before renting them out to boost the rental value when you DO start renting out the units.
Over a short period, the mortgage will be paid off and can become a highly profitable income source for the owner!
Purchasing a duplex rather than a single-family home has several potential advantages, depending on your preferences, lifestyle, and financial goals. Here are some advantages of buying a duplex:
Rental Income:
One of the primary advantages is the potential for rental income. With a duplex, you can live in one unit and rent out the other, helping to offset your mortgage and other expenses. This can make homeownership more financially feasible.
Cost Sharing:
Expenses such as property taxes, insurance, and maintenance can be shared between the two units, reducing the overall financial burden compared to maintaining an entire single-family home on your own.
Build Equity Faster:
The rental income from the second unit can be used to pay down the mortgage faster, allowing you to build equity more quickly than with a single-family home.
Flexibility:
A duplex provides flexibility in terms of living arrangements. You can use both units for personal use, rent out both units, or use one for personal use and rent out the other. This flexibility can adapt to changing circumstances.
Tax Benefits:
As a homeowner, you may be eligible for certain tax benefits. Additionally, you can deduct expenses related to the rental unit, such as mortgage interest, property taxes, and maintenance costs.
Closeness to Investment:
If you are interested in real estate investment, owning a duplex allows you to be directly involved in property management, making it easier to keep an eye on your investment and address any issues promptly.
Shared Maintenance:
Maintenance tasks, such as landscaping and exterior repairs, can often be shared between the two units, reducing the time and effort required for property upkeep.
Security:
The proximity of having neighbors in the same building can enhance security. You may feel more secure knowing that there's someone nearby, especially if you live in one unit and rent out the other.
Homeownership Experience:
Owning a duplex can provide a similar homeownership experience to that of a single-family home, but with additional financial benefits. It allows you to enjoy the perks of property ownership while potentially generating income.
While there are advantages to purchasing a duplex, it's essential to carefully consider your goals, financial situation, and the responsibilities of being a landlord before making a decision. Additionally, local regulations and zoning laws may impact your ability to rent out a portion of the property, so it's important to be aware of any restrictions in your area.
Curious about the availability of duplex, and multi family housing in Richmond Virginia? Sign up for a Duplex (Multi Family) Richmond Real Estate Market Report to see what’s active, under contract, and sold!
Hot Multi Family Duplex Properties:
Welcome to this charming 3BR/1Ba duplex located in Ginter Park! This carefully curated residence offers a perfect blend of modern luxury and classic charm, making it an i...
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Fully leased Oregon Hill duplex! This pedestrian friendly neighborhood offers quick access to the main campus of VCU and the James River Park system. The property curre...
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Built in 1939, this stately and charming duplex, located in one of the city's most desirable Northside neighborhoods, is an investor's dream home. The current owners are ...
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Beautiful investment opportunity in the heart of the Fan! Welcome to 204 N Mulberry - a wonderful duplex being offered for sale for the first time in over 50 years. This ...
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This beautifully renovated historic duplex will leave you awestruck. 840 Commerce Street offers a unique blend of historic charm and modern amenities. Completely renovate...
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Welcome to Robinson Street, where historic charm meets modern convenience near the vibrant Museum District and extended Fan District. This location is moments to shops, ...
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NOW UNDER CONSTRUCTION and scheduled for completion in late October 2024. Conveniently located in historic Manchester near downtown, James River Park System, and new res...
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1 story duplex with living area kitchen 2-bedrooms and 1-bath in each unit. Convenient to schools, stores and restaurants
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Now is the Time to Buy in Petersburg. "Petersburg Best Buy. Great Fiver Upper Duplex. " Looking for your next Rental Property? Then come see 1142/1144 Farmer St. in...
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Welcome to 604 St James Street! This is a fantastic opportunity to acquire a renovated duplex in the heart of Richmond. Each unit offers a studio floor plan with separat...
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Seize this incredible chance to own a charming duplex at 3202 4th Ave. Featuring a classic Vinyl siding exterior, this property includes two spacious units. Combined rent...
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Great opportunity here! This historic duplex has a total of 3,144 square feet - each side has 1,572 square feet, 4 bedrooms, 2 full baths, a living room, and a kitchen. T...
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You’ll find “The Carriage House” located in RVA’s bustling downtown scene where it’s an easy walk to restaurants, shopping, Monroe Park, VCU, Historic Tredegar and much m...
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This 14 unit multifamily property features two-bedroom one-bathroom garden-style apartments with spacious living rooms and galley kitchen. Additional amenities include on...
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Come see this amazing multi family opportunity in Richmond's Arts District in Jackson Ward conveniently located between the main VCU academic campus and VCU medical cente...
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Located in the heart of The Fan on a bustling street and surrounded by neighborhood favorites like Goatocado and the Visual Arts Center, 1827 W Main offers a great opport...
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Welcome to 2859 Hull St. A 3 Apartments, 3 Offices, Ready for Quad Unit Conversion or Customization to your heart's desire. Unlock the potential of this versatile propert...
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Great Investment in a great location- currently vacant to sell, but has excellent rental history. Each unit features two bedrooms, a great room with an adjoining kitchen,...
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8 Unit building, Great Investment Opportunity in a great location close to two universities, VUU and VCU. Renovated 8 years ago, these 8 apartments are individually meter...
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Located in the historic Church Hill neighborhood, this fully-renovated quadplex features four 2-bedroom/1-bathroom apartments. Renovations include custom kitchens (new ca...
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