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

National Duplex Sales Lose Market Share 05.06.15

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Duplex Sales Lose Market ShareThe National Association of Realtors (NAR) recently issued my favorite of all their reports; the Investment and Vacation Home Buyers Survey 2015.

I love this report because it’s the only one I know of that offers a national data on current trends in the smaller sized investment property market. For NAR’s purposes, it’s important to note the term investment property may mean a duplex, small apartment building, condominium, townhouse or single family home.

In 2014, 19 percent of all homes sales in the United states were investment properties. While this represents a market share of nearly one out of every five sales, it does mark a downward trend. One year ago, 20 percent of all real estate purchases were for investment purposes. In 2011, investment property was 27 percent of the market , and even in the boom of 2005, 28 percent of all properties were purchased for investment.

This may be the result of declining bank inventory, low vacancy rates and higher rents nationwide. Forty-four percent of those investors purchased a distressed property (foreclosure or short sale).

Thirty-seven percent of investment property buyers bought with the intention of renting to others, while 17 percent purchased primarily because the property was a good deal. Fifteen percent of buyers purchased the property for it’s long term potential for price appreciation. One curious statistic for the year is the median price for investment properties dropped from $130,000 to $125,000.

The vast majority of these transactions– 58%, were in urban or suburban areas. Sixty-one percent of these sales were detached single family investment properties. Twelve percent were detached single family homes, 9 percent were townhomes or a row house, 13 percent were duplexes, triplexes or fourplexes, while 5 percent were condos or apartments in buildings with more than 5 units.

Eighty-six percent of investment property buyers in 2014 believe now is a good time to purchase real estate. In fact, 62 percent said there’s a reasonable chance they will buy another within the next two years.

Of course, that’s good news for investment property sellers, who will find a pool of strong buyers waiting for new inventory.

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Where Is The 24 Hour Notice Law Written? 04.28.15

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residential tenancy agreementOne of the most frustrating things Realtors run in to when trying to show a duplex listed for sale on the Multiple Listing Service (MLS) is the misconception that tenants are required to receive 24 hours notice prior to a showing.

Realtors and our clients are often trying to coordinate times to look at properties, and then to concentrate showings in a geographic area. There may, for example, be three or four properties in a city or neighborhood we have interest in seeing.  In the interest of efficiency, we try to schedule them all at the same time.

Both agents and their buyers understand we are visiting a tenant’s home. We will do all we can to provide as much notice as we can to them that we would like to see their unit. However, a full day’s notice isn’t always possible. And if all the other duplexes are available to be seen with less notice, odds are very high we won’t circle back to that neighborhood to look at the one that required a day’s notice until we’ve exhausted all of our options elsewhere.

Many landlords are afraid of losing their tenants as a result of either them not having ample notice for a showing. However, if that tenant has a valid lease, leaving for that purpose would be a violation of that legally binding document.

Minnesota landlord/tenant law states a landlord may enter the premises at any time for business purposes provided there has been a reasonable attempt to notify the tenant of the visit. No where in Minnesota state law is that amount of time defined.

Successful duplex sellers simply have a conversation with their residents before the property is actively listed on the MLS. They explain the tenant is protected by his or her lease and can’t simply be kicked out because there’s a new owner. They add the residents are not required to leave for showings. And finally, they explain while everyone will do all they can to provide notice, they are not entitled to 24 hours, nor the right to refuse showings.

I have seen many sellers lose sales opportunities because they didn’t understand the law; and it cost them thousands of dollars.

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Twin Cities Duplex Market Continues To Bloom 04.21.15

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duplex market springs to lifeThe spring Minneapolis and St Paul duplex market is well under way, in spite of what the temperature outside may say.

In the week ending April 11, 2015, 22 Twin Cities multifamily property owners received and accepted purchase agreements on their investment properties. Of these, 82 percent will leave from closing with a check in their hands rather than a settlement with their banks. When those sellers accepted offers, they did so at an average off market list price of $217,903.

One year ago during the same week, just 13 sellers accepted offers on their duplexes. One hundred percent of those sellers were able to deposit a check in their bank accounts. On average, these sellers realized a sales price of $258,496.

It seems Minneapolis and St Paul duplex owners are finally realizing it’s a good time to sell. Forty of them put their properties on the market during the week, with all but one of them having equity in their properties. Last year, there were just 30 new duplex sellers during the same time, with 87 percent being equity sellers.

The single family home market saw the number of New Listings increase 9.7 percent for the week, while Pending Sales jumped 17 percent. Overall Inventory  decreased .2 percent.

For March, the Median Sales Price of a single family home was up 10.5 percent to $210,000. The average number of Days on Market also rose 7.4 percent 10 102. Nonetheless, sellers continue to receive 95.9 Percent of Original List Price.

Once again, the Months Supply of Inventory rose by 3 percent to 3.4. A balanced market, where both buyers and sellers have equal negotiating power, occurs when there is a 5-6 month supply of properties on the market. However slowly it may be, it does appear we are heading in that direction.

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