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[ad_1] The post Buying a Duplex: the Definitive Guide appeared first on Millennial Money. Many of life’s best things get better when they come in twos: slices of pizza, shots of espresso, and, in some circumstances, real estate.  Simply put, if you can get your hands on a duplex and have the means to afford it, it’s probably a good idea from an investment perspective. Keep reading to learn everything there is to know about becoming a duplex owner. What is a duplex? A duplex is a home or apartment building that contains two separate units in one structure. Duplexes are commonly referred to as two-family homes and typically have separate entrances for each unit. Duplexes can vary in terms of structure. For example, some units may be stacked on top of each other while other units are next to one another with a shared wall.  Some real estate investors choose to live in one unit and fill the other with renters. However, most duplex owners choose to rent both units to bring in maximum rent for paying down the mortgage.  How to buy a duplex Determine your needs Find a location Find a great real estate agent Look into financing Close on a property Rent the property Have an exit plan Whether you’re a first-time homebuyer planning to live in one unit and designate the other as a rental unit or you’re a seasoned real estate investor, here’s what you need to do to purchase your first duplex. 1. Determine your needs First things first: You need to determine whether your duplex will be your primary residence or whether you’re going to become a multi-unit landlord and rent both apartments out to tenants. Keep in mind that this decision can impact your financing options, which we’ll discuss in a bit. For example, if you plan on living in one unit of the duplex, you may qualify for financing from the Federal Housing Administration (FHA), which isn’t available to investors planning to rent both units. 2. Find a location One thing to consider about duplexes is that you may have a hard time finding them. Not all areas have duplexes, so you may face limited options.  Start by picking a region you’re interested in, and go from there. You may have to expand your search to a broader area. Keep looking, and you’ll eventually find a duplex that matches your specific needs.  3. Find a great real estate agent  You could spend months looking for a duplex. If that doesn’t sound like your cup of tea, you could also hire a great real estate agent and task them with finding one for you.  Put a real estate agent to work so you can move forward with other, more pressing tasks related to your home search (e.g., securing a conventional loan). Make no mistake about it: The real estate agent you select will make or break this deal. Be selective about who you work with and only partner with an agent who specializes in buying and has a proven track record for finding value properties.  4. Look into financing  You may be able to buy a duplex in foreclosure and potentially pay cash for the rental property. However, most duplexes are bought with financing from a mortgage lender.  Go through the financing process, starting with getting pre-qualified and pre-approved by a lender. Shop around for the lowest possible interest rate on a mortgage loan.  To get a great loan on a duplex, you have to have a strong credit score—at least 690 or higher. It also requires having a steady employment history and proof of income. If this is your primary residence in addition to a rental property, it’s worth looking into FHA loans. If you’re a veteran, you should also consider looking into VA loans. Learn more: How to Get a Mortgage for a Rental Property How Rental Property Depreciation Works What Do You Need to Get a Mortgage? 5. Close on a property  Once you find a place and you’ve secured financing, work with the agent to go through the closing process.  Be prepared to shell out some serious cash during this process. If you opt for financing, you’re going to have to put down a large down payment and part with heavy closing costs.  If you don’t want to pay the closing fees, you can most likely roll them into monthly mortgage payments. However, it’s usually better to pay all costs upfront if you have the cash on hand to avoid paying more in interest over time.  6. Rent the property  Once you own the property, you’re going to need to find tenants. You can do this on your own or hire a real estate agent to help you. Keep in mind that the agent you use for renting doesn’t have to be the same one that helped you buy the house. You may also want to hire a property management company to oversee operations and help with tenant management.  A rental property management provider may be expensive, but it can save you a lot of time and potentially reduce risk by creating a barrier between you and the tenants.  Plus, you should be able to write off these expenses on your taxes. 7. Have an exit plan One aspect of successful real estate investing is having an exit strategy. Bake this into your plan early on so you can maximize your returns.  You may choose to pay down a duplex over the course of a few decades and then sell the unit when your equity in the house exceeds the amount you collect in rent on an annual basis. Or, you may opt for a 1031 exchange when your tax depreciation credits expire in 27 ½ years, and trade the property for one of equal value. Doing so can potentially enable you to avoid capital gains taxes on the sale of your property. The pros and cons of buying a duplex  Advantages  Tax benefits  Owning a

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