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2 Duplexes Will Fund My Retirement (That’s It!)
Description
Two duplexes, four rental units—that’s all Erik Caci needs to retire comfortably. Most real estate rookies aim to buy 10, maybe even 20, rentals. But for Erik, just two in the right market might be enough to guarantee a financially free future. And the best part? He bought two duplexes with under 20% down (and you can, too)!
Welcome back to the Real Estate Rookie podcast! After Erik changed careers, he was forced to move to everyone’s favorite city to invest in (heavy sarcasm): Los Angeles, California. But with rent and home prices among the highest in the country, Erik had few options until a 100-year-old home that had been on the market for three months popped up on his feed.
It had all the best parts of an old home—charm, historic architecture, mold, termites, and a bad roof! So instead of putting 20%, or even 10%, down, he put down just 3.5% and saved the rest for renovations. Plus, he needed to move out a tenant before he could house hack. We won’t spoil how the renovation went, but in today’s show, Erik shares how this duplex unfolded, why he bought another similar property afterward, and why renovations aren't so scary when you have your reserves ready.
In This Episode We Cover
Why just two rentals in the right real estate market could be enough to retire you
Putting just 3.5% down on your first (or next) rental property with the house hacking strategy
Buying “historic” houses and the renovation approval process to be prepared for
Why your rentals don’t need to cash flow to be worth the investment
Stay in LA? Why Erik may switch up his strategy and invest in these two overlooked markets
And So Much More!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-791.
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