As you begin your house search you’ll spend time narrowing down your options. Whether it is the location of the property, type of property (townhome, single family, condo), or different amenities your search generally starts more broadly. As investor friendly realtors, we think you should also consider the advantages of buying a duplex.

One of the most frequent questions we get from first-time duplex buyers is if they can use FHA financing to purchase a duplex. The answer is yes, however, there are a few things to know about buying a duplex with an FHA loan.

1 in 5 American households are multi-generational and interest in multi-generational housing is increasing*. Multi-generational housing is defined as a home with members of more than two generations living under the same roof. Whether due to necessity or preference, more families are considering this arrangement and Minneapolis is well suited to address this demand.

Real estate, title companies, and lenders are considered essential services during the shelter in place order in Minnesota. You can complete nearly all the paperwork electronically, and closings are still happening with as few people as possible in attendance.

Scott Hoefler of Side by Side Realty joins the Maximizing Your Property Value podcast to discuss the best strategies for living next to your tenants.

At Side by Side, we love duplexes and multi-family properties. However, they are not the perfect fit for everyone. Everyone’s preferences and situations are different, so here are some main differences and pros and cons of duplex and condo properties.

While duplexes are common around Minneapolis and Saint Paul, fourplexes can be more difficult to find. Under 50 fourplexes sold in 2018 and as demand has increased, so have prices.

Ask any experienced real estate investor the one piece of advice they would give to new investors and they would all say “buy a fourplex”. Purchasing and owner occupying a fourplex is the best way to get started in real estate investing.

Duplexes and townhomes share one key characteristic, a wall with an adjourning unit. Even though they both share walls, duplex and townhouses are very different types of properties. When deciding which type of property to buy it is up to you to decide what makes the most sense for your lifestyle, budget, and goals.

You’ve evaluated your housing options and decided a duplex is the right option for you. Great! By now you probably already know that duplexes are one of the best ways to get into real estate investing. Here’s what’s next:

There is no such silver bullet, easy answer, book, or seminar that will get you rich quick. You don’t get to jump into an elevator and take it straight to the top floor where piles of money are waiting for you. Real estate investing requires all of us to take the stairs. Like anything worth having, investing in real estate requires grit and perseverance.