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.

Sign Up For Our Free Duplex Buyer's Guide

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

Winter Minneapolis Duplex Sellers Stand Out From The Crowd 11.08.17

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Selling your Minneapolis or St Paul duplex is a lot like trying out to be the starting quarterback on your high school football team.

If there aren’t a lot of duplexes currently for sale, it’s like being an athlete in a small school. It isn’t hard to make the team or start if there are only 300 kids in the entire school. Heck, in that case, you may not even have to work out.

However, if you transfer to a large school, where there are 1200 students, odds are you may have to actually lift weights, go to a football camp and train to even make the team at all.

Waiting to sell your duplex in the spring is exactly like that.

Most people think that the best time to sell is in the spring. But so does everybody else. That means there’s a lot more competition and as a result, you’re going to need to do a lot more to stand out and achieve a sale.

The irony is, there are a lot of buyers in the market for a duplex in the fall and winter too. They get frustrated because they have fewer properties to choose from. Many times, they are so happy to find something that just comes close to what they’re looking for, that they will purchase a property they wouldn’t have considered in the spring.

Did you know there are currently just 312 duplexes, triplexes and fourplexes for sale in the 7 county metro area? Last November, there were 400. But from December through April, there were fewer than 270 every month. That’s almost 30% fewer fellow duplex sellers to compete with!

If you’re thinking of selling your Minneapolis or St Paul duplex, give me a call at 612-290-5998. I’d be happy to tell you how to make the team.

 

 

 

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Is There Rent Control In Minneapolis Duplex Owners Future? 11.03.17

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Better cash flow and higher resale value are just two of the many important reasons to keep the rents in your Minneapolis or St Paul duplex at or near market value.

But there is one more casting its shadow among multifamily property owners in the Twin Cities: rent control.

Minneapolis and many of its surrounding communities are suffering from an acute lack of affordable housing.

The majority of residents in Minneapolis are renters, with more homes in the city being rented than owned.  The vacancy rate in the city is at just 3.4 percent; a historic low.

It’s the old law of supply and demand: when supply is low, the cost of rent skyrockets.

To combat this, the city has tried a number of strategies including passing an ordinance that prohibits landlords from renting to tenants using Section 8 vouchers, as well as trying to incentivize the construction of workforce housing by changing some zoning laws to spur the development of smaller apartment buildings.

They are considering other ideas as well, like:

  • requiring landlords to renew tenants leases unless they have legal grounds to evict them
  • requiring landlords to give the city and tenants advance notice when they intend to sell the property
  • giving tenants the right to buy a building before it goes on the market
  • rent control

As horrifying as those may sound to Minneapolis landlords, rent control is the one that would impact every aspect of investment property ownership.

And while it hasn’t been passed by the city council, it has been a topic of conversation.

Rent control prohibits landlords from increasing rent more than an amount or percentage determined annually by the city.

If your rent is below market value if rent control is implemented, the only way you will be able to raise it is if the tenant vacates the unit. If rent is artificially low, a resident may stay for a lifetime.

This low rent will not only have a negative effect on a duplex owner’s cash flow, but also dramatically decrease the value of the property when it comes time to sell.

It’s nice to have good tenants who stay. But is your tenant so great that they have the right to impact the value of your portfolio?

Most residents won’t move if their rent is below market value. And that’s just as true if it’s $100 below what they can rent any other unit for as it is for $400 less.

Keep your rent near market value. It will pay off in more ways than one.

 

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Minneapolis & St Paul Pass Short-Term Rental Ordinances 10.31.17

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Minneapolis and St. Paul duplex, triplex and apartment building owners have discovered an additional and often lucrative income stream: short-term rentals. Whether it’s renting out a one bedroom unit for a weekend, or the week of the Super Bowl, the revenue these properties generate often exceeds what a full-time tenant would pay each month for rent.

Enter the cities of Minneapolis and St. Paul. In recent weeks, city councils in both have passed ordinances requiring both the online platforms that advertise properties, like Airbnb and VRBO, and the property owners themselves to apply for rental licenses as well as pay an annual renewal fee.

Doing this allows each municipality to do property inspections, collect sales tax, and enforce parking requirements.

Similar regulations have already been passed in local suburbs like Eagan, Lakeville and Stillwater, as well as cities including San Francisco and Austin, Tex.

In Minneapolis, owners who rent a property they live in but move out of for guests will have to pay $46 for an annual rental license and may be subject to inspections. Owners who remain on the premises where they live while hosting guests aren’t subject to regulations or required to pay licensing fees.

Property owners who conduct short-term rentals in locations where they do not live, on the other hand, will be required to get a standard rental license and be subject to the same inspections traditional landlords are.

Only rental properties that have a Tier 1 or Tier 2 designation may apply for short-term rental licenses. License holders who already have that designation do not need to reapply. The short-term designation fee for

Properties being converted to rental properties must pass an initial city inspection, which is $1000, and pay an annual fee of $70 for a Tier 1 property or $112 for those designated Tier 2.

Minneapolis will also charge large online platforms like Airbnb, Expedia and HomeAway an annual fee of $5000.

The city of St. Paul will charge short-term rental property owners an annual fee of $40.

Owners of single family homes, duplexes and triplexes are restricted to having only one of the units in each property as a short term rental. Four to eight unit building owners may rent out half of the units on a short-term basis.

The city will also be charging online platforms an annual licensing fee of $10,000.

The online platforms have stated they intend to explore their legal options to challenge the ordinances.

 

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