All Forum Posts by: Conor Hesch

Arin Houck that's a fantastic idea! If our you buy a DUPLEX as a primary residence (to get the best financing possible) with 3% to 5% down, then continue to save money and buy another duplex (keep that process going until you're forced to do 20% down). As a first-time homebuyer you have loan options with less down payment than normal (even on a duplex) !!!

Hello @Eric Bate  here is what I would do (it's not highly technical but it's been working for me)

1. Buy a duplex. Use the loan that I just used to buy my first duplex: Portfolio Conventional Loan, 3% Down Payment, No Mortgage Insurance (yes this loan really exists). This will make your monthly payment way lower than an FHA loan and thus will help you cash flow. (not to mention your offer looks stronger to the seller if its a conventional loan opposed to FHA). Plus you can finance up to $5,000 of repairs into the loan (like a mini-rehab loan) just as @Account Closed can advise you on that) or just stop there and enjoy more free time...I have friend who quit his job and just manages his properties now.

Also most lenders need only 45 days or less to close your loan so if you need a home by August you are just fine for time !  Keep in mind that this 4 step process I outlined takes time (anywhere from 1 to 10yrs depending on the person) so keep the big picture in mind but don't let it stress you out too much.  Send me a message if you have any more questions and keep us posted on your success!  GOOD LUCK !

Rob Else

Will you be living in one side of the duplex? If it's a primary residence you might be able to use the same loan I used...conventional, 3% down, with no mortgage insurance. Inbox me if you need more info I'll try to help.

Hello @Oscar Brooks  my name is Conor, @Tim Campbell might have already sent you my info. I used that loan to buy my duplex: my total payment is $1,480 a month and I get $1,200 rent from the lower unit while living above...not having to pay mortgage insurance makes my monthly payment way lower than it would be on an FHA Loan plus I didn't have to put 20% down!!!). SIDE NOTE: Good to see you again @Nate Thompson I recently joined BP and love it !!!

Hello Keith Albrecht and Eric Bate I just bought my first duplex in Minneapolis using a special type of financing perfect for your first duplex ! (Conventional, no mortgage insurance, and less down payment than FHA !!!). Plus there are grants/loans to help buyers with the down payment in Mpls and St Paul right now! Private message me or call for specifics !

Jake H. Thanks for suggesting I join BP ! Send me a connect request please

Luke Nelson did you buy a duplex yet ? I just bought one in Minneapolis and used a special loan many people have not heard of, message me for specifics and I will share notes with you. (Less down than FHA and no mortgage insurance)

Tim Campbell isn't kidding about his work-ethic (I've seen it first hand) Very detailed and gets back to clients quickly