Apartments for Low Income

Questions and Answers

Your Questions About Duplex Homes For Rent

August 29, 2013

Steven asks…

Is it a good idea for me to buy a duplex with the va loan?

I was thinking about buying a duplex with the va loan. It is $129000 and is in an area where i would not have a problem renting it. I am currently on active duty. I have a few friends that have purchased homes just to rent. Is this a good idea?

Administrator answers:

The answer to your first question is: Yes, you can buy a duplex if the property will be your primary residence.

To answer the your second question (Is this a good idea?): This is not as easy question to answer because the answer depends on a lot of variables; some particular to you and your circumstances and some to the property, itself.

I will assume that, because you are in the military, you will be stationed out of the area eventually. In my experience being an absentee or distant landlord comes with issues you don’t need to face if you live close to one’s investment property.

Were the friends you mention also in the military and are they or do they plan to become distant owners? If so, you might ask for their experiences in this regard. In general, managing properties from out-of-town will cost you more than if you are local. Will rents cover those costs? You need a property analysis to determine that.

But in general, a duplex is a great entry into the opportunity of real estate investing. My brother started with a single duplex and had a net worth of over ten million when he passed away — all of that from his RE investing.

And owning a duplex can be a great small business that you can run on the side and begin to build wealth, cash flow, and learn the ropes to help you decide if you want to expand your RE business.

Good luck!

Lisa asks…

Duplex Question? First Timmer…?

Im moving into a new area where I just got a great paying job.
But I need to find a place to live fast. But what is better an apartment? or a duplex? I use to have an apartment but Im looking more into a duplex.

So my question is. 1. How do you get a duplex home and call it your? do you need to put a big deposit down like on a house? or you pay a small deposite and pay for it monthly? I want to try and call the duplex my home and own it, not rent it out. But if thats to complicating, then is renting a duplex the same steps as renting an apartment?

Administrator answers:

You can buy a duplex just like any other home. You do not need a huge down payment either. You can get an FHA loan with as little as 3.5% down.

Susan asks…

Anyone know any good websites to search for apartments or houses for rent in Texas?

I am Looking for websites that have rentals for Apartments, Townhouses, Singles Family Homes, Duplexes In Texas.

Administrator answers:

Do they not have craig’s list in Texas?

Www.craigslist.org

Lizzie asks…

Uncle owes me money and wants to pay back by selling me half his duplex home.?

Over the years, I have lent my uncle money for various investment ventures… Now, he doesn’t have the cash to pay me back but has offerd to sell me a unit in his duplex home for cheap so I can rent out the property for investment income. Say, if he sells me the duplex unit home for $300k, is there any tax consequences, capital gains, nightmares at the title company / county records, reassessing property taxes, etc… or any unforeseen issues I should know? How do I go about adding my name as a owner on the title?

Administrator answers:

So, you have lent him money and now he wants to sell you half a property for even MORE money? INSTEAD of repaying you what he owes? THAT is NOT a good deal for you. Not only are you out even MORE dollars, you take on the headache of being a property owner, and for only half the property AND if the property has problems, you become responsible!. I would advise avoiding the headache of transferring the deed, property tax and all the rest. If it is worth what he says, then have him take out a 2nd mortgage and use THAT to pay you back and let HIM keep the headache of the property.

Sharon asks…

Where would I need to look to find a home for rent in Raytown, Missouri?

I’m looking to find a home or even a duplex in Raytown or Kansas City, MO that is in a reasonable area. That would be willing to accept section 8. I’m a full time student and I have not located anything in the newspaper. All of the agencies that help to locate these properties are charging a amount that I can’t afford at this time. I’m looking for a 2 -3 bedroom home that is in a safe neighborhood, that is well kept. I’m looking to move as soon as possible. Please help!!!!

Administrator answers:

I found my Kansas City apartment on Rent.com. Also if you find it through Rent they send you a $100 gift card. Which is always nice. There are several nice apartments that we looked into. Check into Ridge at Chestnut (it used to be called Chestnut Hills). They are really nice and newly painted. Im not sure what your price range is so its kind of hard to recommend some. Good luck in your search.

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