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!

Sign Up For Our Free Duplex Seller's Guide

Kari Lundin, Keller Williams Realty Integrity

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

Featured Articles

What If I Sell My Duplex And Can’t Find A Replacement Property? 09.23.16

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Working With a Exchange

Working With a Exchange

I’ve spoken with many longtime Minneapolis and St. Paul duplex owners in recent months who would love to sell and retire from a career in rental property if only they could avoid capital gains tax.

Of course, as seasoned investors, they are aware of  the option of doing what’s known as a 1031 or Starker Exchange, which allows you to reinvest the money into another property without paying taxes. The challenge with this, however, is right now, it’s either difficult to find a good replacement multifamily property or the duplex owners are just tired of managing property.

Believe it or not, there are other solutions.

Duplex sellers don’t have to exchange into other multifamily property. In fact, commercial investment properties, triple net properties, TIC investments, and Delaware Statuatory Trusts are all viable alternatives to owning duplexes.

But what if you don’t want to manage property any longer?

Today, let’s talk about something called a triple net property, which is often identified by the letters NNN. A net leased property is often a retail store or mall. The tenant, or tenants, pay a Central Area Maintenance fee which covers all basic maintenance to the property, insurance and property taxes. Landlords are only responsible for structural repairs, like replacing a roof or HVAC system.

Of course, this results in greatly reduced managerial duties, as the tenants are taking care of most items.

Typical NNN lease tenants include stores like Walgreens, Starbucks and Sprint.

Not owning their stores frees capital for these companies to grow their businesses. In return, solid, stable companies with good credit ratings reduce the risk to NNN investors.

While these properties can be expensive,  the proceeds from the sale of many metro duplexes may be more than enough for the down payment on a property like this.

Next time, we’ll talk about TIC invesments.

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What Stops You From Selling Your Minneapolis Duplex? 09.06.16

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The dude 3D character x2 climbing Brick wall.

The dude 3D character x2 climbing Brick wall.

What’s the biggest obstacle to selling your Minneapolis duplex?

Tenants.

Having tenants is a good thing. But having tenants who refuse to allow Realtors to show the property because they haven’t been given 24 hour notice is a problem.

Why?

Two reasons.

First, because there is no such law requiring a landlord to give tenants 24 hour notice.

Second, duplex buyers typically want to go see several listings at a time. An opportunity to do that may open on their calendar 23 hours before they want to go. Their Realtor will typically schedule properties to see that are in the same geographic area.

The next time they go look at duplexes for sale, they will likely be looking in another neighborhood.

According to page 17 of the Minnesota Landlord and Tenants Handbook, a landlord may enter a tenant’s unit for “reasonable business purpose” after making a good faith effort to give the tenant reasonable notice.

No where in the handbook are “good faith effort” or “reasonable notice” defined.

What is defined, however, are examples of a reasonable business purpose. They include:

  1. Showing the unit to prospective tenants.
  2. Showing the unit to prospective buyers or an insurance agent.
  3. Performing maintenance work.
  4. Showing the unit to state, county or local officials (such as building inspectors).
  5. Checking on a tenant causing a disturbance within the unit.
  6. Checking on a tenant the landlord believes is violating the lease.
  7. Checking to see if a person is staying in the unit who is not on the lease.
  8. Checking the unit when a tenant moves out.
  9. Performing housekeeping work in a senior housing unit.

When signing a lease with a tenant, or before you put your Minneapolis duplex up for sale, it’s paramount you be clear with the tenant as to what their rights are…and are not.

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Millenials Won’t Be Moving Out of Duplexes Soon 08.30.16

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2016 Graduate Student Loan Icons - Crippling Student Loan Graphics for Education Financial Aid or Assistance, Government Loans, and DebtIs there a reason investment properties continue to be among the hottest sectors of the real estate market?

The answer may be found with millenials. After all, a recent study by CoreLogic found that 60 percent of applicants for rental housing between 2011-2015 were millennials.

And that means student loan debt.

The total amount of student loan debt in the U.S. has mushroomed from $380 billion in 2004 to $1.3 trillion in 2015. The only collective consumer debt that’s bigger is mortgages.

Nearly half of all millenials (48%) in 2015 had student loan debt. This represents a 10 percent increase over just 8 years ago.

The average amount of student loan debt was $31,900 for adults between the ages of 20-34. In 2008, this average was $22,500. The median balance was up 53.7 percent to $18,600; an increase of more than $6500 over the $12,100 median in 2008.

Repaying this debt may be the reason so many of today’s renters are millenials.

With no sign of this changing soon, odds are millenials will continue to rent, keeping vacancy rates low.

Low vacancy rates mean higher rents, which make it a great time to be a landlord.

 

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