regret not buying a duplex property

**keith** · 10-14-2008, 10:41 PM

I bought a single family home about 1 year ago under an FHA loan (I only put about 3% down on the house). At the time I was looking at duplex properties as well but I chickened out due to I was overwhelmed enough buying a single family home--let alone becoming a landlord on top of that.

Well, one year later I regret my decision in not buying a property that generates income and I feel as though I am now ready to manage a tenant whereas before I was not.

My question is what are my options as far as getting out of my newly bought home and into a duplex property of similar value ?

Would I have to start the whole lending process over, or could I find some way to "transfer" my current mortgage (provided there was a buyer for my home)?

Any expertise on the subject will be much appreciated

**Mike Taylor** · 10-15-2008, 03:34 AM

Keith, unfortunately you are going to have to start from square one. You cannot simply transfer a loan to a new property as nice as that would be. New loan, new qualifying, new rate, new closing costs, new everything.

**minnesota-mls** · 10-21-2008, 02:38 PM

Thanks for your post Keith.

Unfortunately there is no way for you to swapover like this. However, here are a couple options:

1. Have you thought about renting out your current property and then purchasing a duplex?

We have helped a number of real estate investors over the years purchase a home and then rent it out. Rental demand is at all time highs right now, so you should not have any problem finding a quality tenant.

Don't feel badly about your purchase. I myself have invested in real estate since 2001 here in Minneapolis. I have purchased a duplex, some single family homes, townhomes. There is no right or wrong answer.

I hope this helps!