Buying a Duplex in Silicon Valley
Purchasing a duplex in Silicon Valley may be one of the best investments you ever make. The rental market here has been steadily growing for several years, and because the rental market closely mirrors the job market, it appears that more growth is on the way. If you’re thinking about purchasing a duplex as an investment property, this guide will help you get there.
Buying a duplex – particularly in a thriving area such as San Jose, Campbell or Santa Clara (or any other Silicon Valley community) – is as easy as buying a single-family home. You can use conventional financing to make your purchase, and for many seasoned and novice investors, it’s a great way to earn passive income.
New Investors: Is Purchasing a Duplex in Silicon Valley a Good Choice for You?
If you’re a new investor, purchasing a duplex may be the best way to break into the rental market. It’s entirely possible to live in one unit and rent out the other (whether or not you choose to manage the property yourself), or to rent out both units for two streams of income. In any case, you can use the profits you earn from your tenants to make the mortgage payments and build your reserve funds, make improvements on the property, or save for another investment.
Seasoned Investors: Purchasing a Duplex in Silicon Valley
Because there are a significant number of duplexes for sale in Silicon Valley, you may want to diversify your portfolio and invest in these two-unit homes. The past several years have seen exponential growth in Silicon Valley, and experts believe the trend will continue for the foreseeable future.
How to Find the Right Duplex to Buy in Silicon Valley
First things first: Working with an experienced multifamily REALTOR® is the best way to get access to the newest duplexes to hit the market. Your REALTOR can even help you get instant access to off-market properties that meet your needs. Simply tell us what you’re looking for and we’ll find properties that match – then, schedule tours to view the properties in person and when you’re ready, make an offer.
Financing When You Purchase a Duplex in Silicon Valley
You can use the same type of financing as buying a house when you’re purchasing a duplex in Silicon Valley. In fact, you can use this same type of financing to buy a triplex or fourplex, as well. Though the process will vary based on the lender you choose. Multifamily properties like these are popular among investors because of the attractive terms available with financing. As with any other property, you can also choose to pay cash.