If you’re looking for a multi-family home for sale in MN, then you’re probably aware of the amazing benefits that rental income offers.
Here on our site, we focus primarily on duplexes, triplexes, and fourplexes in Minnesota. However, we’ve also worked at length with apartment complexes and other multi-family properties in the Minneapolis – St. Paul area.
We love multi-family homes because they offer great financial benefits to their owners. For your convenience, we’ve compiled a specially curated lineup of all the multi-family homes that are currently on the market here in MN. Feel free to take a look.
If you’re looking at these listings and wondering why anyone would choose to purchase a multi-family home, we’d be happy to share a little bit more about the benefits that they can offer.
There are essentially two kinds of people who can benefit from purchasing multi-family properties.
Owner-occupiers are often able to live for free within a multi-family home while renting out one unit (or more). In cases like these, duplexes, triplexes, and other multi-families offer financial freedom.
In many cases, you don’t have to be extraordinarily wealthy to purchase a multi-family home as an owner-occupier. This is the case because properties like duplexes are available to be purchased similarly to the way that single-family homes are purchased.
For first-time homeowners, FHA financing can be utilized. FHA financing allows down payments to be as low as 3.5%.
That alone opens a lot of doors. However, duplexes and other multi-family properties are also special because mortgage lenders are often able to consider up to to 75% of the anticipated rental income that a property offers as stated income when you’re qualifying.
That means that owner-occupiers can often qualify for more when they consider multi-family. Many owner-occupiers are also able to live with rental income as an aid in paying their mortgage – meaning that they live for free or for very little.
All of these benefits combined mean that multi-family home purchasing can be a great idea for first-timers who want to owner-occupy.
Unlike owner-occupiers, investors often purchase multi-family homes without any intent on living within them. They do this because properties purchased at the right price can offer great financial benefits.
In many cases, investors are able to collect enough rental income from both small and large multifamily properties to facilitate great profits.
If you’re interested in learning more about being either an investor or owner-occupier, we’d love to talk more about the potential that this kind of purchase can offer.
We call ourselves The Duplex Doctors because we focus entirely on multi-family properties and investments. It’s often a great idea to start with a duplex as your first investment, but from there, the sky is the limit.
Also published on Medium.