While duplexes are common around Minneapolis and Saint Paul, fourplexes can be more difficult to find. Under 50 fourplexes sold in 2018 and as demand has increased, so have prices.
A fourplex is 4 units under one roof all owned by the same person or persons. As the owner, you are responsible for all the maintenance and repairs of the entire building. Also, as the owner, you receive all of the rent payments to help fund those costs. If you decide to live in the property you can often live rent free as the rent from the rest of the units may cover your mortgage. Utilities are often split between the owner and tenants. It is typical for the owner to pay water, sewer and trash while your tenants cover their own electric and gas.
Fourplexes are a very popular first investment due to the ability to use residential financing to purchase four units at once. Down payment options will vary from 3.5% to 25% depending on your specific strategy and situation.
There are many reasons why to buy a fourplex, but if you are ready to start your search, you can call, text, or email us today!