If you’re like many people, you’ve seen duplexes for sale in Midland and the surrounding communities – but is buying one a good choice for you? This guide gives you the pros and cons of buying a duplex in Midland so you can make the right choice.
Should You Buy a Duplex in Midland?
For many people, buying a duplex in Midland (or anywhere else, for that matter) is their ticket into the world of real estate investing. And buying a duplex can be a great investment – if you purchase the right home, work with the right Midland REALTOR® and play your cards right.
Why People Buy Duplexes
Many first-time investors choose to buy duplexes for several reasons. One is that you can use conventional financing to buy a duplex – you don’t have to apply or be approved for any special investor financing. In fact, it’s even possible to buy a duplex with a VA loan or another government-backed loan. (You’ll want to check your eligibility with the VA to be sure it’s possible in your situation, though.)
Related: VA loan guide for buying a home in Midland, TX
One of the other big draws to buying a duplex in Midland is that if you’re a new investor, you can live in one unit of a duplex while renting out the other. That means you can live, rent-free, in your own side while the income from the remaining unit covers some or all of your mortgage payment.
Finally, many investors – new and seasoned – choose to purchase duplex houses because they’re priced in the same ranges as single-family homes are. That means you essentially get two homes for the price of one, and you can turn the second one into a steady stream of passive income if you find the right tenants.
Related: First-time buyer’s guide on how to get a mortgage loan
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Are Duplexes Good Investments?
Many people consider duplexes and other multifamily properties to be good investments. You can rent out one or both of the units to earn an income, and if you choose not to live in or manage the property yourself, you can find a property manager to do so for you. Property managers generally charge owners a percentage of rental income in return for finding and vetting tenants, collecting rents, dealing with tenant issues, handling maintenance requests, and going through eviction proceedings if it becomes necessary to do so.
How to Find a Good Duplex for Sale in Midland
First things first: You should work with a REALTOR® if you’re looking for a duplex for sale in Midland (or any other multifamily property, for that matter). Real estate agents can get you tours of homes you’re interested in seeing, and they can help you zero in on those that meet your needs. Your REALTOR will also negotiate with sellers on your behalf, and they’ll walk you through every step of your transaction from start to finish.
Are You Buying or Selling a Home in Midland, Texas?
Use our site to search homes for sale in Midland and all of our surrounding areas. Unlike the “big name” sites out there, our site is directly connected to our local MLS and is updated faster. By creating a property manager account you can stay on top of the newest homes for sale and get price change alerts so you can stay ahead of other buyers and beat them to the best deals!
In the meantime, check out these 1-click searches:
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