How A Minneapolis Duplex Can Help You Beat The Multiple Offer Blues
said on July 24th, 2009 categorized under: Buying A Duplex
I stumbled into a story on MSHNBC the other day that reminded me why there has never been a better time to become the owner-occupant of a Minneapolis duplex.
The story chronicled the struggles of a pair of first time home buyers in Phoenix, Ariz. who had written no less than 15 offers on single family homes only to be outbid in multiple offers every time. In several cases they hadn’t even lost to other potential home owners. Instead, they’d lost out to investors; with cash, no need for appraisals and fast closing dates.
Needless to say, they were getting pretty down about it.
While Minneapolis isn’t Phoenix, it’s happening here too. The most affordable homes in desirable neighborhoods are being scooped up either as potential rehab and sell properties, or to be held as rental units.
But aren’t investors buying duplexes as income properties?
Yes and no.
With tightened lending practices now requiring duplex investors to have a minimum o Read the rest of this entry »
