Investor · Saint Paul, MN · Member since 2015 · 14 posts · 0 votes
Hello everyone,
I'm looking and ready to purchase our first fourplex in the twin cities metro area in MN. Also considering other duplexes or triplexes as well. Let me know if you know of any.
I'm looking and ready to purchase our first fourplex in the twin cities metro area in MN. Also considering other duplexes or triplexes as well. Let me know if you know of any.
Kang Thao
I am in the same boat as you Kang. I'm guessing you're looking at them for FHA purposes. There are properties out there, some of which are good and some bad. I have looked at my fair share of 4-plexes and I would say that the pricing for most of these is not very reasonable. The good thing is you have better margins with a 4-plex on 3.5% down than many duplexes due to the ability to have more units rented out. Obviously many use the MLS and listing services, I also use Redfin and look at it every day through my filters to make sure that I am seeing properties that come on the market right away.
Another strategy that many on here use very successfully is the strategy of looking for properties that are not on the market and are either about to be listed or motivated sellers. I have found that it gets a bit more difficult to find motivated sellers in some multifamily because many of them cash flow just fine, but you can definitely find good deals out there. If you're looking for just a 4-plex you could truly be looking all over the cities because there isn't a whole lot. If you're looking for a 4 to 2 unit multifamily I would narrow it down a bit and also look for deals off the market. Just some advice, hopefully it helps. Good luck on your endeavors!
Welcome to BP! Are you buying a 2-4 unit as a primary residence or as an investment property? Let me know if I can answer any questions regarding your financing options.
Investor · Saint Paul, MN · Member since 2015 · 14 posts · 0 votes
10y
@Daniel Okon Thanks for the advice. Yes we are looking to owner occupy on the multi family using FHA financing with 3.5% down. We are really looking all over the metro. We also plan on renting out our current home in Maplewood once we find that first multi family.