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

Minneapolis Duplex Shortage Brings Sellers A Financial Winfall 01.12.18

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When I tell clients there is a limited supply of duplexes, triplexes and small apartment buildings on the market in Minneapolis and St Paul, they often look at me as if I’m making it up.

So, to prove my point, I did a little research.

According the data from Northstar Multiple Listing Service, in December of 2017 there were just 217 active duplex, triplex and four unit properties available for sale in the Twin Cities and other nearby markets. This total is 14 percent lower than the number of available properties in any other month in more than a decade.

To illustrate this even more dramatically, consider this: in January, 2008, there were 1643 properties on the market for buyers to choose from!  This is a drop of  87 percent!

What does this mean if you’ve been considering selling your duplex? Well, it’s a GREAT time to be a duplex seller. Buyers are scouring the MLS every day to find something to purchase. When a new property comes on the market, they rush out to see it and in many cases, get in a bidding war with other buyers to purchase it!

The limited number of properties buyers have to choose from helps yours stand out and drives prices up.

And if you’re a buyer, well, the bad news is you’ll have to scramble to find something to buy that’s either currently on the market, or a pocket listing. Chances are, it also means you may end up paying a bit more for the property that’s right for you.

If you are considering selling your duplex, give me a call. With so little competition, odds are high you’ll fare better than you thought you could!

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FHA Increases Lending Limits for the Twin Cities 01.11.18

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After all, what better way to start building an investment property portfolio than to put just 3.5 percent down?

There’s recently been one problem with this approach, however.  FHA caps the amount they will lend on a property  according to the county you live in. And in the seven county metro area, this limit kept many buyers from making offers on properties that suited their needs.

Fortunately, FHA recognized the need to raise the limits, and recently increased maximum loan limits in the Twin Cities as follows:

  • Single family – $356,500
  • Duplex – $456,350
  • Triplex – $551,650
  • Fourplex – $685,550

This should help broaden the market somewhat for buyers competing for such a limited supply of property.

 

 

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Looking For A Good Property Manager? Ask The Right Questions 11.28.17

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There often comes a time in a real estate investors career when managing his or her own properties isn’t possible. As a result, I am often asked if I can recommend a great property manager.

Of course, I can.

My criteria, however, may not be the same as either the property owner’s or, most certainly, that of the tenants.

To me, in addition to the usual jobs of a property manager, the most important qualities I look for is the understanding that their fiduciary duties are to the property owner (not the tenants) and knowledge of landlord/tenant law.

A fiduciary has a legal or ethical responsibility to act in the best interest and sole benefit of the property owner at all times.

Over the years, I have interviewed a number of property managers to see if they are good fits for my clients. Time and again I have been told by these individuals and companies that they have great relationships with their tenants. It is rare to hear they have good relationships with their owners. And those are the very people they have a fiduciary duty to!

Of course, when it comes to access to properties, evictions and even tenant screening, knowing the letter of the law can be the difference between success and failure, both as an investment property owner and as a seller.

That’s why I always ask prospective managers a trick question. It is, quite simply, if a property owner decides to sell, what kind of notice are we required to give residents for showings?

Of course, if the answer deviates from Minnesota state law and isn’t detailed specifically in the property’s leases, I can’t recommend them.

So what is Minnesota law?

I’ll give you a hint. There’s no such thing as a 24-hour notice rule.

 

 

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