Are multi-family properties reserved for investors or can you buy them as owner occupant?
Some of you may ponder this question, as you consider the benefits of owning a 2 or 4 unit HUD house.
The simple answer is: yes you can, as long as you move into one of the units. It gets even better. You can use regular FHA loans to finance the purchase and you may even qualify for the home buyer tax credit. You will get the tax credit only for the part of the home you occupy. In the case of a 2 unit, only half of the purchase price would count for the tax credit – you can get 10% of that amount.
We explained the benefits of owning a 4 unit property a year ago, when a cheap, brick four-plex came on the market. As the owner you can rent out the units you don’t occupy and create rental income to offset all or part of your monthly mortgage payments.
On Friday I mentioned the duplex on Saranac Drive near Reynoldsburg. I could not resist and added it to our weekly previews.
I was pleasantly surprised by the quality of this HUD property. Each side comes with 2 bedrooms and 2 full bathrooms, a 2 car garage and a full basement. So there is plenty of room. And the best part of the deal – there are tennis courts right across the street.
So let me summarize why the duplex on Saranac Drive is a great deal:
- newer house with plenty of space, garages, basements
- good condition, almost ready to move in
- rental income from 2nd unit pays your mortgage
- tennis courts across the street
- asking price is $70K less than previous sale
- no competition, if you bid as owner occupant
What’s holding you back?
5868-5870 Saranac Dr, Columbus, OH
4BR/4.0BA 2,744 sqft Asking $140,000
3089 Bembridge Road, Upper Arlington, OH
3BR/2.5 BA 1,623 sqft Asking $175,000
1866 Winding Hollow Dr, Grove City, OH
4BR/2.5BA 1,652 sqft Asking $128,000
5091 Maple Valley Dr, Columbus, OH
4BR/2.5BA 1,894 sqft Asking $101,000
1655 Evinrude Ave, Columbus, OH
3BR/2.5BA 1,440 sqft Asking $113,000
Call me at (614) 975-9650 and learn more about how you can save money buying a multi-family HUD home!
Thanks for reading our Columbus HUD Homes Blog
Posted by: Susanne Novak, ABR, FIS, GRI
Columbus Realtors specializing in
HUD Homes, Shortsales, Investment Real Estate
(614) 975-9650
