As you begin your house search you’ll spend time narrowing down your options. Whether it is the location of the property, type of property (townhome, single family, condo), or different amenities your search generally starts more broadly. As investor friendly realtors, we think you should also consider the advantages of buying a duplex.
Although it may not be your dream home, here are three reasons why investing in an owner-occupied duplex is a smart financial decision:
One of the best reasons to consider owner-occupying a duplex is that you can lower or nearly eliminate your mortgage payment by renting out the other unit. Imagine what you can do with the additional cash each month – pay down student loan or credit card debt, travel, or start that dream business!
An owner-occupied duplex can be the first rung on the ladder of some serious wealth building. Imagine 20 years in the future owning an asset that can either bring in monthly passive income or you can sell for a significant profit.
Many of the most popular neighborhoods in the Twin Cities can be spendy. With an owner-occupied duplex you can use the same loan programs you have access to as a single-family home buyer (VA, FHA, 5%, Conventional). With the same down payment requirements, you may be able to increase your budget by utilizing the rental income a duplex will bring in. The best part about an owner-occupied duplex is that increasing your budget will not increase your monthly payment.
Buying an owner-occupied duplex can be the best way to jump start a rental portfolio and start making a living by owning a duplex. Living in the property allows you to put down less money than you would on a traditional investment property (usually 20-25%). The cash you save by owner-occupying will allow you to save money to put towards your next investment.
Ready to invest in an owner-occupied duplex? Let us help you find the perfect property!
Three reasons why investing in an owner-occupied duplex is a smart financial decision.
Can you use FHA financing to purchase a duplex? The answer is yes, however, there are a few things to know about buying a duplex with an FHA loan.
1 in 5 American households are multi-generational and interest in multi-generational housing is increasing.
What has changed about buying a house during Covid-19? A decline in the number of showings does not seem to have impacted prices.
Scott Hoefler of Side by Side Realty joins the Maximizing Your Property Value podcast to discuss the best strategies for living next to your tenants.
We are living through uncertain times and looking at the world differently than before. Our mission at Side by Side is to help you create financial freedom through real estate so you can weather any storm. Or pandemic.
Condo vs Duplex. What is the right option for you? Here are the pros and cons of each type of home.
What is a fourplex? 4 units under one roof all owned by the same person or persons.
Buying a fourplex as your first property can be one of the smartest financial decisions you can make. Learn why experienced real estate investors say this is the best way to get started in real estate investing.
Duplexes and townhomes share one key characteristic, a wall with an adjourning unit. Even though they both share walls, duplex and townhouses are very different types of properties.
Duplexes are one of the best ways to get into real estate investing. Here are all the steps you get to you started.