28-Year-Old First-Time Homebuyer Transitions from Having Roommates to Becoming a Landlord, Finds Every Problem a Crash Course

  • 28-year-old Leif Jonasson became a homeowner and landlord by purchasing a duplex in Minneapolis, renting out the bottom floor to help pay the mortgage.
  • Jonasson faced difficulties in finding and purchasing his first home due to the competitive sellers’ market, but ultimately found a duplex for $390,000.
  • Despite challenges, Jonasson views his experience as a homeowner and landlord as a positive one and remains open to buying another house in the future.

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Leif Jonasson, a 28-year-old mechanical engineer, recently became a homeowner and a landlord. He went from living in an apartment with roommates to buying a duplex in Minneapolis and renting out the bottom floor. Jonasson believes it makes financial sense to have his tenants help pay the mortgage while living in half of his house. However, being a homeowner and landlord comes with its challenges. Jonasson now has to handle home maintenance and budget for landlord expenses. The sellers’ market also presented difficulties in finding and purchasing his first home.

Jonasson purchased his first home, a duplex, nearly a year ago with the help of a gift from his family for the down payment. However, the housing market was highly competitive, and properties were selling quickly. Despite being the first to see a duplex that had only been on the market for four hours, Jonasson was outbid by others. Eventually, he found a duplex that he quickly decided to buy before facing potential competition from other buyers. He bought the 3,000 square-feet duplex for around $390,000 with a mortgage rate in the 6% range.

The average home value in Minneapolis has remained relatively stable over the past year but has seen a significant increase over the past three years. The city’s median rent is lower than the national average. Jonasson believes he made the right decision in purchasing his current home for the price he paid, even though it may not be as polished as other houses he saw during his search.

Despite the challenges and the competitive sellers’ market, Jonasson remains open to buying another house in the future. He does not view his experience as a homeowner and landlord as a horrible one.


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