I am looking to buy my very first property in the North Dakota region. I found a double 4-plex for sale with an asking price of $112,900. Five leases are in place and I would move myself into one of the remaining units in order to house hack. I am a long haul truck driver that is not home regularly. Whether that is good or bad remains to be seen but I would hope to be home more often in the near future. I will contact the listing agent to find out more information about this property. In the meantime, I am looking to save up for a reasonable down payment although I would like to make the house hack work for me in order to get a good small down payment. I will keep everyone updated as to how I am progressing. The property does not look like it needs much in the way of repairs and is reasonably maintained. This is also a rural property. That is my biggest concern with what could be a small market for renters.
Sounds like you would be in a good position for a USDA loan on that 4-plex. Have you done any research or have you been pre-approved yet to see those numbers?
Hey there, I live out in Dickinson and might be able to give some input of how rural it would be if the location is on the west side of the state. But I am also one of those pesky oil field workers tho, and also in investor. :) I would always urge caution if its located in a really really small town. Might make it difficult to get rented out, or just have to plan on a higher than average vacancy rate.
Feel free to reach out.
Is a double 4-Plex really an 8 unit? Or is it to separate deeds. If an 8 unit it will be a commercial loan and they’ll be looking at maybe 25% down.
I actually asked the listing agent about whether or not the property is commercial or residential from a legal standpoint. He was not able to answer my question directly but understood the basis behind the question. We both believe that the property is residential when all is said and done. I also found out that the property is being sold by a management company looking to get rid of some of their properties. There had been some nibbles on the property but nobody has put out a written offer as of today. This is after the property has been on the market for over 140 days. Because of the length the property has been on the market, I am thinking of making an offer for $92,500 and see what they say.