Investors can benefit from duplexes in a variety of ways, especially if they’re just getting started in real estate. Duplexes are multi-family buildings with two different housing units sharing walls, a single roof, a single yard, and often only one parking space. Because you’re buying two homes in Chicago, it’s even more important that you conduct the same due diligence as you would for any other real estate purchase. If this is your first Chicago investment, the success of your portfolio hinges on finding an excellent duplex within your budget.
Even if some sweat equity is required to bring the home to its full potential, you want to discover the lowest-priced property that satisfies your base requirements in the greatest available location. Unfortunately, you cannot pick up the land and relocate to a better neighborhood while making repairs and rehabilitation to a property. Continue reading to learn everything there is to know about investing in duplexes in Chicago.
Less Cost Per Unit
In Chicago, investing in duplexes triples your savings because you only have to pay closing fees on one home at the time of purchase. Second, you’ll spend less per unit than if the apartments were single-family houses because they share many characteristics, such as walls. Finally, when calculating the costs of property maintenance, these shared features result in significant savings. Instead of sending crews of roofers to two addresses and paying two invoices, you can pay for a single repair for a shared roof covering two units with just one service call.
When investing in duplexes in Chicago, you should be aware of your financing choices. Duplex mortgages can be obtained through conventional loans or, in some cases, FHA programs. If you elect to occupy one apartment, you may be qualified for a Fannie Mae loan under the government’s FHA program. In addition, if you qualify for a VA loan and occupy one side, you can finance a duplex in Chicago.
Another thing to consider when investing in duplexes in Chicago is that they provide a tremendous opportunity for real estate investors to swiftly increase their income; by purchasing one home, you obtain two cash flow streams. Then, as time goes on and your equity grows, so will the rent, and you’ll start to make even more money. However, you should always consult a tax specialist before making such a large purchase to ensure that you understand the write-offs and depreciation that you are eligible for.
Furthermore, one of the benefits of investing in duplexes in Chicago is that you can live in one side to save money on living expenses, a practice known as house hacking. This is a terrific method to obtain hands-on experience if you’re new to the role of landlord. Additionally, living in the unit may provide tax benefits. If wearing the hat of a landlord doesn’t appeal to you, let the We buy houses management team assist you with as much or as little of the work as you’d like. The team at we buy houses can then manage your properties your way when you’re ready to retire and start earning truly passive income.
Vacancies can be detrimental to the bottom line; it is helpful to know when investing in duplexes in Chicago that the odds of both units being vacant are extremely low. Rarely do tenants from separate units vacate at the same time.
Growing your real estate portfolio means securing your retirement, knowing that you’ll have a steady stream of income and the freedom to live out your golden years in control. When you buy a duplex, you double the number of units in your portfolio and your real estate investment business’s cash flow, which is a terrific item to know about investing in duplexes in Chicago.
Professional investors from Sell My House Fast will walk you through all you need to know about investing in duplexes in Chicago step by step. The seasoned investors at Sell My House Fast are well-versed in the Chicago market and can assist you in crunching the statistics to ensure that you get the most bang for your buck. Our passion is assisting you in realizing your investor goals for your real estate portfolio. Sell My House Fast has created a team of the most highly sought-after specialists from every area of the real estate industry, from locating the best duplexes available to clean-up, repairs, and full restoration.
Why not let Sell My House Fast staff assist you in achieving the objectives of your investment strategy, keeping you up to date on current market trends and assisting you with any necessary changes to your investment plans? Remember to inquire about our current inventory of the greatest duplexes in Chicago.