Another Duplex Sold in NE Minneapolis
Seller’s Agent: Jason Reed
Buyer’s Agent: Jason Reed
We wanted to take the time to recognize another duplex that we sold in Minneapolis via Jason Reed of The Duplex Doctors.
This duplex sits right up near Northeast Minneapolis – a neighborhood that you’ll hear a lot about if you research real estate or the city of Minneapolis at large. We keep bumping into people that own duplexes and are looking to maximize the equity that they have and get the best price possible, in the best timeframe, with the fewest amount of problems.
When you’re selling a duplex in Minneapolis, particularly Northeast Minneapolis, it’s important to understand how the market is flowing and what the inventory levels look like in the surrounding neighborhoods.
We keep talking about the rental crisis that Minneapolis is facing and that young people in the millennial generation really want to find places to live in this region.
Duplexes and triplexes can be amazing financial tools for millennials and young people in general, and they can allow people to find a home for sale in Northeast Minneapolis that they can actually afford.
We always laugh when we talk to people that are looking to buy a home in Northeast Minneapolis and tell them that buying a duplex with a higher price tag might save them money in the long run.
The most affordable homes in Northeast Minneapolis are those that have tenants in them paying the mortgage down for the landowner.
Almost every post that we have on this website talks about this – but we cannot stress how critical this concept is to understand.
If you think you can’t afford a decent home in Northeast Minneapolis or any of the other surrounding neighborhoods in the Twin Cities, you need to go through mortgage underwriting and consider the future rental income from a property. Many lenders will allow you to use a piece of this anticipated payment as stated income when you qualify.
If you aren’t in a position to be able to purchase a duplex and you’re thinking about buying a single-family home in one of these areas, we want you to at least have a conversation with us to help you understand how purchasing a duplex could lead to financial success.
We really mean it – you don’t need to have a lot of money to invest into a duplex, you simply need to find the right property that fits your needs and have the proper financial position.
If you choose to invest into a duplex rather than a single-family home, you might be able to benefit from what the investment world calls leverage and OPM.
As an added benefit, you’ll be able to use your renters rent checks to pay down your mortgage.
If you were to take that money and invest into a Roth IRA or save up to buy a second property, a duplex or triplex in Northeast Minneapolis might be able to provide you with a wonderful place to live and an investment tool to build wealth in the future.
If you’re looking for an affordable home in Northeast Minneapolis or the surrounding Minneapolis neighborhoods – please connect with us to talk about how a duplex might change the picture for you.
Also published on Medium.