Investing In Minneapolis, MN

[Sisiley Bao]

Hi all! Brand new investor. Really appreciate the wealth of information on this platform.

My husband and I recently relocated to Minneapolis from CA and thought it'll be great to start our RE investing journey here. We are currently renting near our work in downtown/UMN west bank area.

1. We own our home in CA. As we don't live there now, can the first property we acquire in Minneapolis be considered as a primary home for financing purpose (owner-occupant)? Can we be qualified for FHA loan? Would appreciate any advice on financing options.

2. We are open to single family or multifamily property. We have read on BP to look into neighborhoods like Crystal, Robbinsdale, Edina, Hopkins, St Louis Park, etc. Would really appreciate any other suggestion. 

Thank you!

[Huy Le]

@Sisiley Bao I agree with what @Armin Nazarinia said above about driving around. Before I bought my first property, I would drive around the neighborhood at night (sounds creepy, but hear me out) and see if you'd be comfortable walking around your neighborhood at night. Everyone's definition of "safe" is very different, so go out there and see what you and your husband are comfortable with.

1. someone please correct me if I'm wrong, but you can only have 1 FHA loan at a time. There are other types of loans you can get for your property here.

2. Again, drive around to see what you're comfortable with. all of those cities you listed are great, but if you're considering MPLS, then look at the different neighborhoods. It's like 10 different cities in Minneapolis.

good luck and welcome to Minnesota!!! :)