Duplex for Sale NE Minneapolis Minnesota
Listing Agent: Jason Reed
Buyer’s Agent: Jason Reed
Well it’s time to celebrate again because one of our duplex listings in Northeast Minneapolis sold. Jason Reed at The Duplex Doctors had the pleasure of working with this phenomenal property located in the Audubon Park area right in the heart of the desirable Northeast Minneapolis neighborhood.
In Northeast Minneapolis, there’s such a high demand for housing that the prices continue to head upwards. While there are still great values to be found, we found that using a duplex or triplex is a wonderful way to offset the increase in the cost of homeownership in this neighborhood.
Remember that when you purchase a triplex or duplex in Northeast Minneapolis, you’ll be using the strong rental market as a tool to pay down your mortgage. If you’ve been trying to apply for a home to purchase in Northeast Minneapolis and realizing that you aren’t approved for the amount that you wish, you might be able to be approved for a little bit more by purchasing a duplex.
In fact, there is an interesting thing that happens when you move from a duplex to a triplex, because you now have two income sources that help you get pre-approved. We can’t emphasize enough how important it is for people that have gone through the process of purchasing a single-family home or are starting the home buying process to talk with a mortgage company that is well versed in purchasing multi-family.
The majority of realtors and mortgage brokers out there are business people just trying to increase their volume. While they care deeply about people, they are trying to make sure that they get through as many low complexity transactions as possible. On the other hand, there are handful of lenders that specialize in the multifamily space and are willing to put in the extra effort required to become competent in multi-family and will take the time to show you what’s possible.
Before you sit down with a real estate agent you should probably decide on a lender. Sit down with a couple of different lenders, and we would love to introduce you to some of our favorites that fully understand the tensions that play between single-family and multifamily options. A good lender is going to look at people and help them understand that if they were to look at a multi-family home such as a duplex or triplex, they might be able to purchase at the price range where they want to be in – even in a neighborhood such as Northeast Minneapolis.
We recommend that you don’t work with a cookie-cutter mortgage company, but instead, make sure that you talk with at least one lender that can help you go through the pre-approval process for purchasing a duplex or triplex in Northeast Minneapolis. If you’ve been looking for homes in the Audubon Park area, Holland, Columbia Park, Huset park, or Saint Anthony – then you absolutely need to sit down with somebody to understand what you might get approved for by purchasing a duplex instead of a single-family home.
Both of us here at The Duplex Doctors – Drew Hoefler and Jason Reed – live in Minneapolis and have been the number one duplex real estate agents in Minneapolis for five years in a row. We don’t even dabble in single-family homes, because they are not as interesting as duplexes and triplexes.
Not only do we specialize in duplexes and triplexes exclusively, but we also own our own portfolio of investment properties that provide rental income for us. We know firsthand what it takes to have successful experiences with investment property in Northeast Minneapolis, and we also have extensive experience with accurately determining potential renters. In fact, Drew Hoefler spent a couple of years at one of the region’s largest leasing agencies, where his specialty was going into a rental property, determining what it should rent for, and then finding the highest quality tenant possible. Drew did this hundreds of times, and brings extensive experience in many ways to this entire process.
Going back to the importance of talking with a lender that’s familiar with the possibilities of multifamily, it’s also important to talk to a lender that will put in the effort to explain the possibilities of doing some renovation loans when you purchase a new house. There’s a huge difference between home value and rent value, so you’ll want to decide if a fixer-upper is a good idea for what you’re trying to accomplish. You should also talk to a lender that understands some of the options such as a 203K loan or construction and renovation loans.
Again we’re thrilled for our seller and buyer in this instance, and love that we got to find another of these great properties for somebody off of Fillmore Street in Northeast Minneapolis.