Judging by the number of calls I’ve been getting, many duplex buyers have already figured this out.
What most have forgotten, however, is in order to buy a duplex, you have to have the money to do so. And you have to be able to prove it.
Telling a seller you have the money, or running a calculation using an online mortgage calculator that says you can afford it doesn’t suffice for proof.
You need a bank to put it in writing that you can.
Duplex inventory in the Twin Cities market is very low. This means there are multiple buyers interested in the great properties that come onto the market.
And in order to even consider your offer, the seller is going to want to see a letter from a credible financial institution saying you can afford it.
This can take a day or, if there’s a hiccup, more. And if you’ve picked out a hot property that will sell quickly, having this document ready or having to wait for it can mean the difference between submitting the winning bid and missing out.
There are many great loan programs out there, and I am happy to connect you with reputable lenders with one that’s right for you.
That way, we can make sure you’re in the best possible position to get the duplex of your dreams.