Minnesota Down Payment Assistance for Multi Family Duplexes? Success Story
December 3, 2019
How to Buy a Duplex or Multi Family with No or Little Money Down
People love the idea of investing in real estate, but they usually don't have the down payments to do it.
You usually need 20-25% to put down on a loan for an investment property.
That can be steep when compared to the 0%, 3.5%, 5%, and 10% options given to buyers of a single family home.
The bottom line is that the government has programs to help people buy homes.
You can use this government help to buy your first investment property if you do some "house hacking."
Buying Rental Properties with No Money Down
There are lots of real estate gurus that coach people on how to buy investment property with no money down.
Rather than use some of these complicated methods, we would encourage you to take a look at owner-occupying a duplex.
Owner Occupying a Duplex is when you live in one unit, and rent the others out.
You can buy a duplex, triplex or quad that you will owner-occupy with FHA loans or even VA loans.
Owner Occupying a Duplex Can Get You Started with Rental Property with a Low Down Payment
How else can you reduce the down payment requirements when buying a duplex, triplex, or other small multi family home?
Down Payment Assistance.
Down Payment Assistance for Owner Occupied Multi Family Home Purchases
Down payments for a rental property can be reduced even more when you qualify and use a down payment assistance program.
Minnesota has loan programs that would help you with your down payment and closing costs.
Learn about the Minnesota Down Payment Assistance Programs here and here. Check St. Paul programs here
That's right, not only would you enjoy the low down payment requirements owner-occupied duplexes, but you can also get help with those big closing costs and down payments.
Minnesota has help for qualified buyers with down payments and closing costs
Remember, borrowing money isn't always a good idea, and you're overall costs will increase when you borrow more, but there is help in Minnesota for certain home buyers if they would like to purchase a small multi family home to owner-occupy.
Minneapolis Down Payment Assistance for Multi Family Homes
Here's the Story of Oliver
After years of renting and throwing away money each month, Oliver wanted to make a change. He decided to take charge of his financial future by investing in a duplex! By living in one unit and renting out the other he is able to nearly eliminate his monthly mortgage, and live for free with a roommate! Not only will he be living for free each month, but he will be able to save every dime he was previously spending on rent! Not to mention the passive income the property will provide once he moves out!
What would you do with an extra $10,000 or more each year?
When I met Oliver he had a rough idea of what he was looking for, but we were able to put in the work up front to narrow down exactly what he wanted. After touring some properties and learning along the way, we not only found the perfect fit, but got it under contract for under appraised value! With the help of Conor Hesch at Bell Bank, he was able to qualify for down payment assistance which resulted in his case, only $1,117 out of pocket! Wouldn't you do that if you could?
When most people want to get into real estate they don't know where to start. At the duplex doctors we have a long track record of helping people reach their financial goals and setting them up for success. What sets us apart is our passion for what we do, and commitment to giving you the best possible experience all the way through the process.
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