Archive for November, 2014

Thinking About Selling? Start Training Now

said on November 17th, 2014 categorized under: Selling A Duplex

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Training in the parkWith news that the real estate market recovering, you may be considering selling your Minneapolis duplex in the spring.

And because you’re not the only one who’s heard the news, you’re likely facing a lot of competition. That’s because there are a whole lot of duplex owners who’ve been waiting to sell when the market got better.

In other words, you’re probably going to have competition.

So what can you do to make sure your duplex stands out and wins?

Of course, the most obvious answer would be to sell now. Fueled by a drop in interest rates, there are a lot of buyers currently in the marketplace who are frustrated by a lack of quality inventory.

If there’s absolutely no way for you to achieve that, however, then you should remember the spring housing market (in years when it isn’t 50 degrees below zero) starts the week after the Super Bowl.

 

By the time the grass is showing through the snow, everyone else will be ready to sell too.

So what can you do to get an edge now?

  • Freshen up paint throughout the duplex.
  • Purge the basement of any belongings either left behind by tenants or that you don’t need on a regular basis.
  • If you can, increase rent where possible.
  • If you renew any leases, be sure to include a clause that allows an owner occupant to take possession of a unit within 60 days of closing. This will ensure you don’t eliminate owner occupants from your pool of potential buyers.
  • If you have any open permits with the city, get them closed.
  • If it’s required in your community, get your Truth In Sale of Housing report completed. The inspector may find items that are required repairs, and your property will fare better if you’ve completed those items before it hits the market.
  • Of course, it’s virtually impossible to do anything with the landscaping at this time of year, but you can make sure all walkways and the driveway are free of ice and snow.

And finally, give me a call for an opinion on what else you may be able to do in order to maximize the value of your duplex.

Can You Evict A Section 8 Tenant?

said on November 10th, 2014 categorized under: Tenants

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EvictedIf a tenant whose rent is paid in any degree by a Section 8 subsidy, can you evict them for failing to pay their portion of the rent?

Yes.

A Section 8 tenant who does not pay his or her portion of the rent, whether it’s $20 or $200, may evicted for non-payment.

Eviction may result in those tenants losing their Section 8 status.

The procedures for a Section 8 eviction are the same for a tenant who is not receiving subsidies.

Of course, a duplex owner may also find it just as effective to remind their tenants they may lose their housing subsidy, and at present, not even the waiting list for Section 8 vouchers has availability.

6 Great Reasons To Sell Your Minneapolis Duplex Now

said on November 3rd, 2014 categorized under: Selling A Duplex

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snowChances are if you’re a Minneapolis or St Paul duplex owner who’s been wanting to sell once the market rebounded, recent good news has you thinking about doing just that.

And odds are if you’re like almost every duplex and homeowner I’ve ever met, you’re thinking about waiting until spring.

That’s a problem.

After all, if everyone’s thinking about it, won’t you have a lot of competition?

Right now, there’s little to none.

Last year, there were 128 new duplex, triplex and fourplex listings that came on the market in the month of October.

This year, there were just 91. That’s a 29 percent decline in new listings.

Meanwhile, falling interest rates once again have inspired many buyers to jump back in the market. Once again, they’re doing so and finding very little to buy.

There are a number of advantages to selling your duplex in the fall. The biggest, especially this year, are:

  1. Less Competition – with the number of active listings on the market dwindling, your property will stand out to buyers vs. being lost in the crowd.
  2. Buyers Are Serious – Think about it. If you’re out looking for property in the fall and winter, would it be fair to say you’re very determined to buy?
  3. Tax Advantages of Buying At Year’s End – Even if an investor closes on a duplex purchase on December 31, he or she may depreciate it for the entire year. If a buyer is looking for strategies to reduce tax obligations, real estate investment is one of her options.
  4. Less Competition May Mean Higher Prices – If there are 100 buyers looking for a great duplex, and only one on the market, wouldn’t those buyers do everything they could to secure it? Compare this to the spring and summer months, when buyers are lulled into a bit of complacency. After all, they believe another one will come along.
  5. If You’re Doing A 1031 Exchange, You’ll Have More To Choose From – time it right and you’ll close in the winter market, but be looking for your replacement property in the spring market.
  6. Properties Look Better During The Holidays – With the holidays being a time for gathering family and friends, tenants are more likely pick up and decorate. This creates a more favorable impression for buyers.

If you’re thinking of selling, please reach out to me. Not only do I have a long list of buyers waiting for your property to appear on the market, odds are so do a lot of other Realtors.