Question:
“I’d love to buy my first house, but can’t quite afford one. And I really don’t want a condo. Do you have any houses where the owner will let me make payments to them at a low rate?”
Answer:
Nope, and you’re unlikely to find anything like that.
But I have a totally different idea for you that may solve your problem…
Consider a small duplex for your first home. In fact, the first home my wife and I bought in 1985 was a duplex in Clairemont on Clairemont Drive. And it worked out great.
Using Clairemont as an example, right now you can buy a 3BR/1BA house starting around $400,000. But if you can live with (and in) a 2BR/1BA, you can buy a 2BR/1BA + 2BR/1BA duplex in the mid/high $400s.
The rent from the other side more than offsets the increased monthly payment due to the higher price, thus effectively lowering your payment.
Plus you’re buying more real estate, which is a great long-term investment.
Be sure to keep a rainy day fund for when you have a vacancy.
If you’re interested, let me know. I know of several duplexes that are not on the market yet.
