Buying Your First Investment Property: Why We Started With a Duplex

Every investor starts somewhere. For Kevin Murphy and Veronica Murphy, it was a duplex in Port Colborne, their first investment property together.

Buying an investment property is exciting and a little stressful. Here’s why a duplex can be such a good place to start.

Why a duplex works for first-time investors

A duplex is one building with two separate units. That gives you options a single-family home doesn’t:

• Live in one unit, rent the other. The rent from the second unit helps cover your mortgage, taxes and insurance.
• Rent both units if you already have somewhere to live, for two streams of rental income from one property.
• Easier financing than larger buildings. A two-unit property can often be financed much like a regular home, especially if you live in one unit.
• Hands-on learning. Managing two units teaches you the basics of being a landlord without the complexity of a large building.

What to look at before you buy

1. The numbers. Will the rent cover your costs, with a cushion for vacancies and repairs?
2. The condition. Older multi-unit homes may need updates to plumbing, electrical or fire separation.
3. Legal status. Make sure both units are legal and properly permitted.
4. The location. Areas near transit, schools and services rent faster and attract better tenants.
5. Existing tenants. If there are tenants in place, understand their leases and rents.

Learn from people who’ve done it

Kevin and Veronica don’t just help clients buy investment properties. They own one themselves. That means they understand the process from the investor’s side, from financing to renovations to finding tenants.

Thinking about your first investment property?

Whether it’s a duplex in Port Colborne or a rental in Welland, the Right Choice team can help you find a property that makes sense.

Call Kevin at 289-768-8382 or contact us.