Updated almost 8 years ago on . Most recent reply
Owner Occupied Duplex Minneapolis Analysis
I'm looking into owner occupied duplex purchase. Right now, list prices are between 350 - 400,000. Rents are about 1350 - 1500 for 2 bed 1 bath units. I'm currently looking at a 350,000, would put 20% down. With both units rented I'd be bringing in $2,900. Taking into account taxes, insurance, vacancy, maintenance the profit is $316. For owner occupied, I was told to only count half of the rent against mortgage. With a mortgage of $1900, that means I'd be responsible $1150. Realistically there is nothing much cheaper than $350,000 - is it even worth doing this? Any upsides I'm not thinking of to owning a duplex versus a house?
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I’m saying those expenses are too high- if you want to meet for coffee, i’d Be glad to walk you through how the numbers work based on teaching over 50 people how to house hack with over 20 people buying a duplex/triplex in the past 2 years. I’m not a realtor etc so I just do it to help people get into better situations