I am a young adult, recently got out of college and have a consistent job as an accountant making good money, but have modest student loans I'm paying on.
I am currently renting from a friend and while I'm getting a fair deal, I still dislike throwing money out the window each month.
The notion of buying a duplex and renting out one unit while living in the other has occurred to me. Seems a good way to have a good chunk of my mortgage, if not most of it, paid for me each month (provided I can get a quality tenant).
While staying with my friend is an option, we live downtown and I'm really not that into it. Im also considering moving in with my girlfriend of 3 years, as marriage is looking more and more realistic. Lastly, I'm not convinced that, financially, it makes a ton of sense renting when I could possibly build up some equity in a property and maybe make a bit of rental income to help with my mortgage.
Is being a landlord a ton of work? I.e would it be the bane of my existence? From my renting days in college it always seemed like I was easy money to my landlord.
Note that I'm looking at properties where, if it came to it, I could pay the full mortgage myself. The tenant will just be icing on the cake.
Read more: Buy duplex to live in one unit and rent the other?
