Duplex for Sale in NE Minneapolis – ANOTHER SALE!
Listing Agent: Jason Reed
Buyer’s Agent: Jason Reed
We had yet another duplex in the Northeast Minneapolis neighborhood sell. This one is on Ulysses Street, and Jason Reed from our team – The Duplex Doctors – was both the listing agent and found the buyer.
If you’ve been following our blog for any amount of time, you understand that Northeast Minneapolis is one of the absolute hotbeds when it comes to real estate.
We keep emphasizing that if you’re looking to purchase a home in Northeast Minneapolis, instead of searching for new homes, you should start looking for triplexes and duplexes. The home values in this area continue to head upwards, which means that rental rates continue to move north as well.
If you’re looking for a way to be in the neighborhood that’s becoming ultra-valuable, but you don’t want to have huge overhead expenses associated with the single-family home, then a duplex or triplex might be the right thing for you.
Every post that we share, especially around the duplexes that we’ve sold, we want to make sure that people understand that if they’re looking for a home to buy in Minneapolis, a duplex might help them have remarkably low cost of living because the rental income from the extra unit can almost always cover a large portion of the mortgage.
Another little benefit is that the income from a duplex is going to be offset by the expenses and mortgage interest, and it’s seen as passive income which is not subject to self-employment taxes.
Imagine that you got to lower your mortgage payment by $1000 every month – the opportunity cost alone on that cash flow can translate into all sorts of things.
A duplex or triplex can be one of the best properties to start a real estate portfolio with, or it can be the perfect property to simply live inexpensively in for your entire life. We’re seeing lots of millennials choose to buy duplexes in Northeast Minneapolis, and then the future strategy is that if they wanted to purchase a home that is larger and perhaps in one of the surrounding suburbs, they can find another tenant and simply move out.
While a rental property does require work and there’s some significant potential for risk, it can also be a fairly low maintenance investment that is not related to the overall stock market.
The bottom line – if you’re looking to purchase a home in Northeast Minneapolis you should consider a duplex as well.
If you reach out to us, we can at least show you what it might look like if you were to purchase a duplex rather than a single-family. One of the first steps is to simply talk with the lender that’s competent when it comes to multifamily preapprovals. If you can get preapproved for a traditional mortgage, you can get preapproved to buy a multi-family as an owner occupant.
Too few people understand that when they buy a single-family home, it is 100% a liability. While it is an investment because you will build equity that can eventually be withdrawn, it does not produce income for you like a business or an investment would. A duplex, on the other hand, produces income and can easily be transformed into a rental real estate investment.
We’ve had well over 20 transactions in the Minneapolis region in 2017, and we foresee that we’re going to have a stronger winter than normal.
If you’re looking for a duplex specialist to help you sell your duplex in Northeast Minneapolis or anywhere in the Twin Cities, please give us a call so that we can help you understand some of the complexities and how to position your duplex in order to get the highest price, with the fewest problems, in the shortest amount of time.
Duplexes, triplexes, and quads are all that we do – we don’t even dabble in single-family real estate. We are confident that you would be pleased after working with us, and that we can help highlight all of the beneficial aspects of duplexes to buyers.
Give us a call or contact us through our website and we will have a no pressure conversation and hopefully add some value to you during your search.
Also published on Medium.