How to Have a Flexible Living Arrangement in Minneapolis
Living Flexible in Minneapolis
Homeowners and renters may not have a lot in common when it comes to their living arrangements, but one thing they do share is the inability to be flexible. Some renters may have the ability to have a short-term lease, but even then, they are unable to move without giving proper notice to their landlord. And in addition to that, they typically pay higher rent to be allowed the flexibility of a lease that lasts only 4-6 months.
Single family homeowners, on the other hand, are even more restricted by their living arrangements. They’re paying their mortgage over a period of 15 to 30 years, and are typically only able to move on the condition that they can first sell their home so that they can afford their next place.
There is one way, however, to live flexible. Surprisingly, this simple solution has remained largely unknown by the general population.
If you’ve noticed that we’re called The Duplex Doctors, you may already have a guess as to what we’re going to say this solution is: duplex ownership.
You may not know this, but you don’t have to be a wealthy real estate investor to buy a duplex. In Minneapolis or Saint Paul, you can live in a duplex by financing it with an FHA loan. In many cases, you are required to put just 3.5 – 5% down on the property. You can even use a portion of the projected rental income from your tenant on the other side to help you qualify for the property. The only condition to earning these benefits is that you must live in the property as an owner-occupier for at least one year. So even if living in a duplex is not your long-term plan, it could still be a great deal for you to consider!
How Duplexes Provide Flexible Living
You might have been surprised to learn that regular people are capable of purchasing duplexes and renting out the other half to a tenant. If so, you’d likely be even more surprised to learn that many duplex owners are living practically mortgage-free from the rental income their tenant provides from the other half of the duplex.
Even though the use of many advantageous tools for purchasing a duplex rely on a one year owner-occupier requirement, duplexes offer incredible freedom after that time.
Rather than needing to sell a single family home, duplex owners are able to simply rent out the half they had been living in and use the income from the duplex to help finance their next purchase. Without being tied down to any property, duplex owners are free to travel, move around, or start a new career in a different state.
Meanwhile, a duplex with tenants on both sides should simply produce passive income for you while you figure out where you want to end up. Many duplex owners even use the income from the duplex to help finance the purchase of their dream home. The choice is up to you! If you’re interested in learning more, please don’t hesitate to contact us!
*Please note that all duplex owners should be careful to observe best practices and proper tenant management techniques. Like anything, a duplex is not guaranteed to be profitable or provide income. However, in many scenarios, duplexes are advantageous investments.
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