What are your thoughts on the feasibility of building wealth through duplexes, triplexes, and quadplexes? Is this a legitimate strategy from your experience, or does the required maintenance overtake any income you may initially make?
I see the main benefit being that you can get FHA financing if you live there for one year.
I see the costs being:
- Limited economies of scale.
- In order to do a second FHA deal, you have to refinance it with a conventional mortgage first.
- It has to be in your name to do this and you can typically expand to having only 10 mortgages.