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Updated over 7 years ago on . Most recent reply

Account Closed
  • Morris, MN
2
Votes |
8
Posts

Focusing search: Which neighborhoods?

Account Closed
  • Morris, MN
Posted

Hello from rural MN,

My wife and I are relocating to the Minneapolis-Saint Paul area as a way to scale our eCommerce business (in order to leverage the population size to increase our sales volume). I'm looking for suggestions from you on which neighborhoods I should investigate. Ideally, I'd like to house hack a duplex using an FHA loan, but I'm not sure if that's possible (maybe if less than 25% is used for the business)? Here are some factors that will be important:

  • Zoned properly for the legal operation of my home business. 
  • Climate-controlled office with a bit of storage space.
  • Centrally located (for sourcing at grocery stores, retail stores, garage sales, estate sales and auctions). 
  • In a safe neighborhood suited for quiet family life.
  • Great value.

We plan to move to the area in approximately 1-2 months.  We will rent until we find the ideal property, so any advice on finding affordable rental units with the same characteristics mentioned above would be appreciated. 

Thanks again for your help in narrowing our search!

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Tim Swierczek
  • Lender
  • Saint Paul, MN
1,629
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1,537
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Tim Swierczek
  • Lender
  • Saint Paul, MN
Replied

@Account Closed if you're planning on doing more than one house hack then you should look into using the 5% down conventional loan before the 3.5% down HFA loan. This is because the conventional loan does not allow you to have another home when you close on it. If you do the conventional loan first, then you can do 5% first property and then 3.5% second property (both multi-family) then on to the higher down payment loans. If you start with the FHA loan you second multi-family would require at least 15% down.

  • Tim Swierczek
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The Tim Swierczek Team - Primis Mortgage

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