Buying a duplex or multi-family home.
Minneapolis, St Paul, MN: From a duplex or multi-family home owner’s perspective, buying a multi-family property can be especially appealing because you can live in one area of the building and collect rent from the tenants living in the other area of the building.
What you’ll find is that a multi family home can actually help both your short term and long term finances. For example, let’s say the mortgage loan on a triplex is $1800 per month, but you can rent out the other two units for $2,200. You’re essentially completely covering the loan, and making $400 to boot. Cool…
Not all properties work out this nicely, but even if you could cover 75% of your mortgage with the other units… how nice is that?
Not only does this save you money on your personal housing expense, but it can also help you build equity much quicker if you choose to make larger payments because of the rent you collect.You get your own home and an investment property all in one.
With an FHA loan, you can buy a duplex, triplex, or 4-unit property with as little as 3.50% down payment.
If you want to buy a true investment property that you will not live in, your required down payment will be a lot larger.
Contact our loan experts at (651) 552-3681, or online at www.MortgagesUnlimited.biz.
There is never any obligation for us to review your situation and options.
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