Duplex for Sale Minnehaha Minneapolis Minnesota
3561 Minnehaha Ave
Buyer’s Agent: Jason Reed
Seller’s Agent: Jason Reed
We wanted to celebrate another duplex listing that went off without a hitch in Minneapolis Minnesota. This amazing property was in the Minnehaha neighborhood of Minneapolis, and it’s a perfect example of transforming what would be a regular financial liability, into an income producing asset.
The main attractiveness of purchasing a duplex rather than a regular home for sale in Minneapolis, is that you can rent out one of the units in the duplex, and the rental income might even come close to offsetting your entire mortgage. In fact, depending on what your mortgage payment and original down payment is, people are often creating situations where they can live in one side of the duplex and rent out the other side – while creating steady income streams.
Duplexes and triplexes in Minneapolis are amazing because you’re able to purchase them with first time home buyer financing, using traditional mortgages or FHA, which require lower down payments between 3% and 10%.
If you create a couple hundred dollars of monthly positive cash flow out of a small down payment investment, that means you will get a high cash on cash return for your property.
Minneapolis, St. Paul, and the surrounding suburbs are one of the greatest areas to find duplexes or triplexes, whether you’re going to use them as an owner occupied property or if you’d like to purchase it as a traditional real estate investment rental property.
Property values continue to increase in Minneapolis, and the rental rates are moving upward at an even faster rate. There’s simply not that much inventory in the Twin Cities, as more people decide they like the idea of living in the downtown area and participating in the Minneapolis culture. Besides the great living environments of Minneapolis, there’s also a booming job market in Minnesota compared to the rest of the country.
Living in Minneapolis means that you don’t have a long commute to get to some of the Fortune 500 companies that have their headquarters in either Minneapolis, St. Paul, or some of the close suburbs. If you’re heading into retirement you might want to consider the flexibility a duplex or triplex would provide, and the future income that could be produced when you decide to move out of it.
As a retiree, many people see that there are three stages of life. In the first part of retirement, you will experience the go – go years, where you will want to be active and your health is usually better. Next you have the slow – go years, where are you tend not to want to travel as much and you will enjoy life being a little more settled down. Lastly, we have the no – go years, where you will probably be looking at senior living situations.
Purchasing a duplex or triplex in the early stages of retirement, means that you can lower your living costs, and even produce positive cash flow out of your living situation. Even if your home is paid off, a duplex or triplex is an entirely different situation because it can produce income like a true investment, rather than simply gobbling up money for taxes, utilities and other expenses like a single-family Home would.
As you progress through the stages of retirement, you could eventually leave the duplex and head to a senior living situation, and the income from your duplex might be able to pay for the costs of your care. Long-term care and in-home service is proving to be a booming industry, and we foresee that it will continue to increase over the next 20 years. When baby boomers have a duplex or triplex kicking out income, it can cover those costs and make life much easier.
So if you’re about. To sell your home in the suburbs and look at new housing, you might want to consider a duplex or triplex in either Minneapolis, St. Paul, or one of the surrounding suburbs as a solution. Many people are finding duplexes in places like Edina and even Hopkins or Minnetonka as a good solution.
Wow a duplex or triplex might have a higher asking price, you will often be able to use the projected income to purchase a little bit more home than you would if you were buying a single-family. This means that you can use even greater leverage with the bank, and use other peoples money to produce wealth and financial momentum for yourself.
Also published on Medium.