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Your Questions About Duplex Homes For Sale

May 31, 2013

Robert asks…

Lehigh Acres, FL does anyone have any info?

I am considering a move to Florida and I am hoping someone can give me some insight into Lehigh Acres. Do you or anyone you know live there and what kind of an area is it? There are vast amounts of homes for sale and that seems scary. Is the place situated over an old toxic dumpsite or something? I can’t help but think there must be something other than a bad economy driving so many people away from there. Any help would be greatly appreciated. Anyone doing “owner financing” on a duplex in that area would be great to know as well. Thanks.
Thanks Bad company but I am looking for information on a more personal level than statistics.

Administrator answers:

Lehigh Acres, Florida
From Wikipedia, the free encyclopedia
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Lehigh Acres, Florida
Location within Lee County in the state of Florida
Coordinates: 26°36?30?N 81°38?21?W? / ?26.60833, -81.63917
Country United States
State Florida
County Lee
Settled 1954
Government
– Type Unincorporated community
Area [1]
– CDP 95.98 sq mi (248.6 km2)
– Land 94.89 sq mi (245.8 km2)
– Water 1.09 sq mi (2.8 km2) 1.14%
Elevation 20 ft (6 m)
Population (2006)[2]
– CDP 67,873
– Metro 571,344
Census Bureau Estimate
Time zone Eastern (EST) (UTC-5)
– Summer (DST) EDT (UTC-4)
ZIP codes 33900-33999
Area code(s) 239
FIPS code 12-39925[3]
GNIS feature ID 0285447[4]
Lehigh Acres is a census-designated place (CDP) in Lee County, Florida, United States. The US Census Bureau estimates the CDP’s population at 67,867 as of 2006.[2] The community is a rapidly growing, expansive, pre-platted subdivision of approximately 61,000 acres (250 km2).

Lehigh Acres is a part of the Cape Coral-Fort Myers, Florida Metropolitan Statistical Area, which had an estimated 2006 population of 571,344.[5]

Contents [hide]
1 Geography
2 Demographics
3 History
4 References
5 External links

[edit] Geography
Lehigh Acres is located at 26°36?30?N 81°38?21?W? / ?26.60833, -81.63917 (26.608403, -81.639224)[6]. According to the United States Census Bureau, the CDP has a total area of 95.98 square miles (248.6 km2). 94.89 square miles (245.8 km2) of it is land and 1.09 square miles (2.8 km2) of it (1.14%) is water.

[edit] Demographics
As of the census[3] of 2000, there were 33,430 people, 12,707 households, and 9,250 families residing in the CDP. The population density was 352.3/sq mi (136.0/km²). There were 14,486 housing units at an average density of 152.7/sq mi (58.9/km²). The racial makeup of the CDP was 75.30% White, 13.79% African American, 0.29% Native American, 0.84% Asian, 0.02% Pacific Islander, 3.77% from other races, and 1.99% from two or more races. Hispanic or Latino of any race were 17.36% of the population. There were 12,707 households out of which 32.3% had children under the age of 18 living with them, 58.4% were married couples living together, 10.2% had a female householder with no husband present, and 27.2% were non-families. 22.0% of all households were made up of individuals and 13.2% had someone living alone who was 65 years of age or older. The average household size was 2.62 and the average family size was 3.03.

In the CDP the population was spread out with 26.0% under the age of 18, 6.8% from 18 to 24, 27.3% from 25 to 44, 20.4% from 45 to 64, and 19.5% who were 65 years of age or older. The median age was 38 years. For every 100 females there were 94.0 males. For every 100 females age 18 and over, there were 88.5 males.

The median income for a household in the CDP was $38,517, and the median income for a family was $42,492. Males had a median income of $30,202 versus $21,935 for females. The per capita income for the CDP was $17,186. About 5.8% of families and 7.7% of the population were below the poverty line, including 11.5% of those under age 18 and 7.6% of those age 65 or over.

[edit] History
Lehigh Acres got its start in the mid 1950s when Chicago businessman Lee Ratner needed a tax shelter. He had sold his pest control business, and he faced the possibility of losing most of his earnings to the high capital gains tax of that era. Ratner heard that cattle was a good investment for people in his predicament, and he bought 18,000 acres (73 km²) of land in eastern Lee County and named it the Lucky Lee Ranch. After ranching for a while, and despite having no prior development experience, Ratner joined with Gerald H. Gould, a Florida advertising executive, Manuel Riskin, a Chicago CPA, and Edward Shapiro, a former Chicagoan who was in the real estate business in California, and began land sales at Lehigh Acres.

Gerald Gould was the president of the corporation that developed Lehigh Acres which began in business in 1954. He remained as president until the company was sold in 1972.

Since the days of Lucky Lee, the boundaries of Lehigh Acres have stretched to cover 61,000 acres (250 km2) and the pasture land where Ratner’s cattle roamed has been divided into some 152,000 quarter acre (1,000 m²) and half-acre (2,000 m²) lots for housing, along over a thousand miles of roads. Strips of land along major thoroughfares, such as Homestead Road And Lee Boulevard, were set aside for commerce. In 1997, nearly 90% of Lehigh Acres’ lots remained vacant.

In 1992, Lee County, with the cooperation of a new developer, declared Lehigh Acres to be blighted, which authorized its Community Redevelopment Agency to take steps towards improving infrastructure and planning elements neglected by the original developer.

[edit] References
^ “Florida by Place. Population, Housing, Area, and Density: 2000″. US Census Bureau. Retr

Richard asks…

What choice would you make…putting a new bathtub or a shower stall in a bathroom?

This is an old home, 2nd floor duplex. Very small bathroom to be remodeled. Tenants are getting older and it may be harder to get in and out of bathtub, but much more economical to go that way. This house will not be up for sale for a long time, so that is not an issue. Thanks

Administrator answers:

You can go two ways on this one. For safety reasons a shower would be nicer, but choose one with a seat in it. Or you can splurge and get a specialty one that is a walk in shower/bath. Since you are concerned, you can ask the tenants what they would prefer..bath or shower, or if they even care which one.

Http://www.seabridgebathing.ca/

http://www.homedepot.ca/webapp/wcs/stores/servlet/CatalogSearchResultView?D=1&Ntk=level1&Dx=mode+matchall&langId=-15&storeId=10051&catNav=3&Ntx=mode+matchall&N=128303&Nty=1

Make sure the bottom of whatever you choose has a no slip finish added to it.

Charles asks…

Rental home in foreclosure ? some help please …?

I am renting a duplex home in the state of FL that looks like it is in foreclosure. My boyfriend and I confronted the home owner about this and he says that he has a lawyer and is working this out w/ the bank. He is asking for his rent (which is due on the 5th of each month.) I am hesitant that he is not being truthfull w/ us. At this point I am looking into moving but I am trying to figure out if he still in fact owns the home and if I should give him next months rent. This is what I found online :

This property is a Judgment of Foreclosure Sale. An order was signed by a judge directing that a Notice of Sale be published and a referee to sell this property at a public auction.This property will be auctioned at public sale on Saturday, August 07, 2010.

Could he still be working w/ the bank to retain the home or has he lost it for good and is trying to get money out me and the other tenant residing in the home ?

Administrator answers:

Well, if you don’t pay the rent and get proof that you did…you will be evicted. It is possible he is trying to head off the foreclosure, but if the sale date is Aug 7, my best guess is, he isn’t having much luck. Of course he is trying to get rent from you…you cannot live somewhere rent free even if this guy is in foreclosure.

Since it is a duplex, my guess is, the bank or whomever buys it would still keep you there as a tenant and honor your lease if you have one. This is a bit different than a single family home going into foreclosure.

The thing is, if you do not pay your rent, you would not qualify for the new law that gives renters 90 days to find a new place to live if the home they are in forecloses.

Ken asks…

First time buyer, buying a duplex?

I currently rent, I work full time and make 25000 a year, I am also a full time student. I want to invest my money into a mortgage instead of throwing it away on rent. Also I would like to quit working or work part time this fall semester so I can really focus on school, so I was thinking the potential rent from a duplex would help supplement my income.
The duplex in mind is for sale $84,000, two blocks from where i rent. I would purchase with my fiance. who makes 20,000

I want a fixer upper but I do have some concerns about this particular unit. Its older built in 1920, and has a Michigan basement. Other than that it looks just cosmetic crazy 70s kitchen and in need of floors and paint.

What should I look for in terms of structural damage. Are michigan basements something to be wary of? Is buying a duplex different than a single family home? I was thinking of renting to friends first, but later on what legalities come with being a landlord?
Can I just call the selling agent and take a look? or do i have to get a preapproved first?

Administrator answers:

Your first step is to get preqaulified so you know exactly what a lender is willing to give you. The other poster is correct, do not bank on rent because you never know what can happen to/with your renters.

Susan asks…

Are there any options to avoid capitol gains taxes on a rental without having to reinvest in more real estate?

I moved to a new state and have two house in my former state, a primary residence and a duplex. I’ve already purchased a new home via an 80/20 mortgage. I would love to use the proceeds from the sale of my old houses to (a) pay off the 20% portion of the mortage and (b) pay off credit card debt we accrued while my husband was unemployed. Neither house has sold yet, and the duplex isn’t even for sale because it pays for itself and then some. But I can’t manage it from out-of-state forever. Eventually I’ll have to sell the duplex. I’ve heard of 1039 transfers as a way to avoid capital gains taxes, but my kids are older now and I’d rather get a traditional job than spend time managing another rental. Is there any way to use the profit from the sale of the duplex to my advantage without taking a tax bite and without re-investing in real estate? Can “invest” it in the new house I just bought in April? Education funds? IRA? Anything!!?

Administrator answers:

You’re stuck. The 1039 rules refer to a “like kind” exchange, which if you start with real estate, ends up in real estate. But you have options: (a) Get a management company to run the place; they usually charge about 10% of the rent. (b) Sell the duplex, and put the proceeds into vacant land via a 1039 exchange. Basically no management hassles. (c) Sell the duplex, and buy rental property close to your new digs with a 1039 exchange. Then you can manage it yourself.

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