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CJ Davies
REALTOR®, ABR
(609) 713-8952
Broker / Sales Person
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Up Your Buying Power With a Duplex

 

Duplex's and multi-family dwellings have always been a great investment vehicle for savvy investors and real estate moguls, but what about First Time Home Buyers?  Most investment opportunities require 20% down

 

Many first time home buyers these days are looking for affordable options that have the potential for value added renovations in order to make for a good investment for their hard earned money.  With such a competitive market, affordability is getting harder and harder to come by and many times, not to mention, most investment opportunities require 20% down at a minimum.  When you do find properties that have potential for value add, they don't always qualify for the FHA standards most first time home buyers need to adhere to.

 

We had talked about renovation financing as a way around this, but why not think outside the box?

 

Get the best of both worlds with a Duplex.  Duplex's provide the income stream of an investment property, but qualify under FHA regulations for first time home buyers as long as you reside in one of the units.  Not only do you have a direct income stream after closing to offset your mortgage payment after closing, you are allowed to use the proposed rental income to offset your Debt to Income Ratio during your pre-approval process.

 

This means that you can up your price point and maybe find something in a little better condition, a little better neighborhood, school district, you name it.  

 

Combining an immediate income stream, affording a higher price point and avoiding potential snags with FHA regulations on foreclosures and short sales are all great reasons why first time home buyers looking for value should add duplex's to their search criteria ASAP. 

 

 

 

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Disclaimer: All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information on this site was last updated 12/07/2022. The listing information on this page last changed on 12/07/2022. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of Ocean County MLS (last updated Thu 09/12/2019 11:22:12 AM EST) or Bright MLS (last updated Wed 12/07/2022 6:44:06 AM EST). Real estate listings held by brokerage firms other than Davies & DeGennaro may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. All rights reserved. --

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