Your National Resource For Duplex Ownership

National Resources for Duplex Owners

Welcome to DuplexChick, your online destination for duplex ownership information.

Whether you're thinking of buying your first duplex home, or an experienced investor looking to sell, DuplexChick can provide you with up-to-date market information, tips on investment property ownership, and when youíre ready to buy or sell, help you find a Realtor who specializes in these unique properties right in your area.

Considering Buying? See how a duplex specialist can help you get a better deal

Considering Buying?

While every Realtor can sell you a home, not every agent can do the necessary financial analysis to find a duplex that is a good investment. Click here for a neighborhood duplex specialist who can help you meet your financial goals.

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Considering Buying? See how a duplex specialist can help you get a better deal

Considering Buying?

Unlike single family home owners, duplex owners facing foreclosure must also contend with potential tax consequences. Whether you are an owner occupant or duplex investor enduring the stress of being behind on mortgage payments, or needing to sell even though you owe more than your duplex is worth, a short sale can help reduce damage to your credit and tax obligations.

During this stressful time, let one of our Realtors who is an expert carry the load.

Thinking of Selling?

What If I Need To Sell? Regardless of market conditions, learn the tips and tricks to maximize your equity!

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Kari Lundin, Keller Williams Realty Integrity

7401 Metro Blvd Suite 350, Edina, MN 55439 tel. (612) 290-5998

Featured Articles

Whose Duplex Lease Is It Anyway? 10.16.14

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residential tenancy agreementIf you buy a Minneapolis duplex that has tenants, do you have to give them all new leases?

Believe it or not, this was actually the topic of a heated discussion between to agents in my office the other day. One believed the buyer of an investment property needed to issue new leases in their own name, the terms of which would be identical to those contained in the lease the previous owner had signed.

The second agent argued leases were assigned to the new owner at closing. This, she contended, would be identical to a bank assigning or selling the rights to a loan to another lender. In that instance, as in this, the only things that change are who the checks are made payable to and what address appears on the envelope.

So who was right?

The second agent.

The lease is the only document that in a way, trumps the rights of the new duplex owner. It follows the property, regardless of who the owner is.

As a result, the new owner can’t kick tenants out, raise their rent or change any of the terms for the length of the lease until it has expired.

Sharing with tenants that they are protected by their lease usually helps put them at ease if the duplex is on the market. Conversely, buyers can rest assured their investment property will be occupied for months to come.

 

 

 

 

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Is Your Minneapolis Duplex At 50 Percent? 10.06.14

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Have you ever heard of the 50 percent rule about duplexes?

Do you know what it is?

The 50 percent rule is a general rule of thumb which states that all of your expenses on a rental property should run about 50 percent of what the property’s gross income is. This does not include your mortgage payment or interest.

It does, however, include your taxes and insurance.

In other words, if your rental duplex generates $28,800 in income, you can expect your expenses on the property to run approximately one half of that amount, or $14,400.

These expenses would include repairs, utilities, insurance, vacancy rates, and so forth.

Once these are deducted from the property’s income, you should have approximately 50 percent of the $28,800 left. Out of that $14,400 you will pay your mortgage and interest. Anything left over is your cash flow.

Of course, there are some neighborhoods where the vast majority of duplexes are owner occupied (and therefore are valued on a slightly different basis than just income) where this rule may not be true.

While you should perform more due diligence on any property than just an eyeball analysis, the 50 percent rule is a good way to determine whether a seller is off on their numbers, or you’re outspending on your own.

 

 

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Why I Won’t Show You A Duplex Until I’ve Met You 09.29.14

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Missing Arkansas Realtor Beverly Carter

Missing Arkansas Realtor Beverly Carter

While I’ve blogged about this topic before, last week’s news was a great reminder why no Realtor should ever meet someone at a property, simply because he or she called.

Arkansas Realtor Beverly Carter went to show a home, and has been missing ever since.

I don’t know the circumstances that lead Ms. Carter to show the property. However, this sort of thing seems to happen to a handful of Realtors every year.

Think about it. Someone calls a Realtor about a sign in front of a property which, if not totally vacant, will be when the sellers leave for the showing. And the caller, a total stranger whom the agent has likely never met, expects he or she to drop whatever tasks are at hand to meet them there and show the house or duplex.

The caller often offers the Realtor no proof that he or she can afford the property through either a bank pre-approval letter, or, in the case of cash, proof of funds.

In fact, I had a call exactly like that over the weekend. The caller alleged he had cash, but wasn’t willing to provide proof. When I asked him to meet me at my office first, he was resistant. So I politely ended the call as quickly as I could.

I truly believe the vast majority of people are good at heart, and I would be just fine showing them a property. But it’s always those few lone individuals we hear about in the news who make all of our lives more difficult.

And frankly, no real estate transaction is worth my life.

 

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