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Rudy Burgos has started 1 posts and replied 3 times.

Quote from @Tim Swierczek:

Quote from @Rudy Burgos:

Quote from @Tim Swierczek:

Quote from @Rudy Burgos:

https://www.biggerpockets.com/...

112 Case Avenue Saint Paul MN 55117

Any feedback would be much appreciated! :) This is listed as a duplex but there are two separate structure on the lot. Each is its own unit.

This will more than likely be my first investment property. Excited and very nervous 😳

Rudy, it depends on what your intended use for the property would be. If this is to be an owner-occupied home and it's zoned as a single family with an ADU you are good to go and this is an easy deal to finance for someone who works with house hackers. If this is zoned a duplex you are out of luck on any traditional loan type. Conventional, FHA, VA, will not finance two structures on one property if zoned a duplex. They do this only if it's a single family with ADU. If it's a non-owner-occupied purchase you will need a commercial lender. I can connect you with my wife who brokers this loan type. PM me if you would like to connect.

Hey Tim! thanks for the feedback. I was able to lock in a 6.99 rate for property using a conventional loan. The COC on the deal is just under 6%. My overall goal is to buy and hold this property. Both homes are in great shape!

Thanks again!

Congratulations! Was it zoned as a SFR as with an ADU?

It is zoned as a multifamily. 🏘

0 Votes

Saint Paul, Minnesota

Quote from @Tim Swierczek:

Quote from @Rudy Burgos:

https://www.biggerpockets.com/...

112 Case Avenue Saint Paul MN 55117

Any feedback would be much appreciated! :) This is listed as a duplex but there are two separate structure on the lot. Each is its own unit.

This will more than likely be my first investment property. Excited and very nervous 😳

Rudy, it depends on what your intended use for the property would be. If this is to be an owner-occupied home and it's zoned as a single family with an ADU you are good to go and this is an easy deal to finance for someone who works with house hackers. If this is zoned a duplex you are out of luck on any traditional loan type. Conventional, FHA, VA, will not finance two structures on one property if zoned a duplex. They do this only if it's a single family with ADU. If it's a non-owner-occupied purchase you will need a commercial lender. I can connect you with my wife who brokers this loan type. PM me if you would like to connect.

Hey Tim! thanks for the feedback. I was able to lock in a 6.99 rate for property using a conventional loan. The COC on the deal is just under 6%. My overall goal is to buy and hold this property. Both homes are in great shape!

Thanks again!

1 Vote

Saint Paul, Minnesota

https://www.biggerpockets.com/...

112 Case Avenue Saint Paul MN 55117

Any feedback would be much appreciated! :) This is listed as a duplex but there are two separate structure on the lot. Each is its own unit.

This will more than likely be my first investment property. Excited and very nervous 😳

3 Votes

Saint Paul, Minnesota