When my partner and I first decided to buy a duplex, we thought we had it all figured out. We’d read the books, listened to the podcasts, and followed every “smart investor” on social media. We had our rules: never buy at the top of the market, never stretch your budget, and never buy a property that needs more than “cosmetic” work.
Then, reality—and opportunity—collided.
Here are the three investment rules we broke to buy our first duplex, and why doing so might have actually set us up for long-term success.
Rule #1: “Never Buy When Interest Rates Are High”
Every real estate guide will warn you: wait for lower rates. And at first, that made perfect sense. But waiting also meant staying in a one-bedroom rental that was eating up our savings while property prices kept rising.
When we found a duplex in a neighborhood we loved, the numbers almost worked. The interest rate? A painful 7.25%. But after running the math, we realized that the rental income from the other unit could still offset most of the mortgage—especially since we planned to live in one side ourselves.
Breaking that rule meant accepting a higher monthly payment now for a better long-term position later. And as rates fluctuate, we can always refinance. What we can’t do is go back in time and buy that property again before it was snapped up.
Rule #2: “Never Pay Over Asking”
We had promised ourselves we wouldn’t get caught in bidding wars. But in a competitive market, that promise didn’t last long.
The duplex had great bones, separate utilities, and a finished basement that could one day become a third unit. There were multiple offers, and ours wasn’t the highest—until we added a small escalation clause.
Yes, we paid over asking. But we also got a property with instant equity potential, in a neighborhood where rents were climbing fast. Within six months, the comparable sales proved we hadn’t overpaid—we’d simply gotten in ahead of the curve.
Sometimes, breaking a rule is about seeing value before everyone else does.
Rule #3: “Never Buy a Fixer-Upper Without Experience”
Neither of us had ever renovated anything more complicated than an IKEA shelf. The thought of managing contractors, permits, and unexpected repairs was terrifying.
But the duplex’s second unit needed work—nothing major, but enough to scare off other buyers. We decided to learn as we went. YouTube tutorials, long nights, and a few mistakes later, we’d painted, refinished floors, and even replaced some light fixtures ourselves.
Not only did we save thousands in labor costs, but we also learned a skill set that will serve us for every property we buy next. The sweat equity we put in turned that duplex into both a home and an investment that immediately appreciated.
Looking Back
Breaking those three “sacred” investment rules wasn’t easy. It meant taking risks, trusting our instincts, and being willing to learn through discomfort. But it also got us into the market sooner, in a property that’s now generating income every month.
If there’s one thing we’ve learned, it’s this: sometimes the best opportunities don’t fit neatly into anyone else’s rules.
You can read every guide and still have to make a leap of faith. Just make sure it’s a leap you’ve thought through, planned for—and that leads you closer to your goals.
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