Apartments for Low Income

Questions and Answers

Your Questions About Duplexes For Rent

February 24, 2012

David asks…

Can I qualify for first time home buyer financing if I buy a duplex and live in one and rent out the other?

I thought if I bought a duplex, lived in one side and rented out the other would be a good idea to help pay the mortgage. I would live there for a couple years then move and rent the entire duplex as an investment property. Good idea?

Administrator answers:

It’s very popular to answer “yes”.

However, the fact is that for the only nationwide first time buyer program in existence, the Mortgage Credit Certificate, it explicitly disallows all multiple unit property from participating.

Furthermore, I’ve dealt with the federally funded local first time buyer programs throughout southern California (in excess of forty different municipalities). In every single case I’m familiar with, it’s a requirement that it be a *single* family residence. No duplexes, no apartment buildings, no “2 on 1″ properties. Condos, townhomes, and PUDs are fine, but nothing multifamily.

People get confused because of the way residential property is defined (1-4 units), but just because something qualifies as residential property doesn’t mean it is eligible for a first time buyer program.

Finally, for every first time buyer program I’m aware of, the government assistance goes away, or worse, becomes immediately due, should you move out.

There may be municipalities somewhere where this is permitted under their local program, but I’ve never heard of one. The First Time Buyer programs are intended to make it a little easier for people buy the property they intend to live in. They are not intended to help you become a successful investor.

Helen asks…

Question for those who rent apartments, townhomes, duplexes etc.?

I am wondering how much you pay for the monthly rent in the area you live in. I am curious about the average rent for apartments and the like in different cities and states in America. I don’t need to know the exact details unless you wish to disclose such information.

FYI, I rent a 1 bedroom apartment in a twin city MN suburb and I pay a little over $700/month. I earn a “slightly above average” wage, so I live well. Do you think the place I rent is too costly? A bargain? About Average? Let me know people!

Administrator answers:

I live just outside Kansas City, Missouri. My rent for a 2 bd/2 bath apartment is $600 + $25 pet rent.

Donna asks…

Looking for a House to rent?

I am looking for a 3 Bedroom, 2 Bath House or Duplex to rent in Somerset Kentucky and I have looked at listings in the commonwealth journal with little luck finding what I am looking for? Anyone know where I might locate one ?

Administrator answers:

Http://www.condo.com/ForRent/United-States/Kentucky/Somerset-Condos

http://realestate.yahoo.com/search/Kentucky/Somerset/apartments-for-rent

http://realestate.yahoo.com/search/Kentucky/Somerset/apartments-for-rent

Just type in your city and state and the words for rent into google. There you go.

Http://www.apartmentreviews.net/ratings/kentucky/somerset/pleasant-hill-square-apartments.htm

http://www.apartmentratings.com/

Sharon asks…

Duplexes vs renting a home?

Okay, So I live in a apt right now and I hate it. My lease is up in July and me and my friend decided to move in with each other. It’s her first time ever moving out from home. Well I been looking more towards Duplexes and rent a home than a apt. Do you have any advise for me? And what is the best way to look for them besides goggling every possible search.

Thanks so much

Administrator answers:

You can call a local realtor, they often show rentals. You also need think about it before deciding to rent a house rather than live in a complex. You need to find out about, mowing the lawn, trash, septic, what to do if something breaks, (a complex usually has a manager on site). Also see who your neighbor is, are they loud, have a lot of parties in the back yard? Or are they elderly and would expect you to be quiet, not late nights? Personallly, I rented both at one point in my life, I prefer a house to an apt. Be sure to do you homework, good luck house hunting.

Michael asks…

help to Find a house or duplex for rent?

hey guys… i am looking for a new apartment for me and my girlfriend, we dont want to move in to an apartment complet, and are looking for something with a yard and stuff, like a house duplex or townhouse.

i just want to rent because i am graduating in a year and not sure if im going to stay in the area. so dont want the commitment of owning.

I have tired rent.com and stuff, but all those sites just return complexes.

is there anyplace i can csearch for just house and duplexes and stuff?

i live in South Eastern CT area if that helps
thanks
Kyle
Sorry, i shoudl of said that: i buy the papers every day, but theres never more than 1-3 of the same house in the paper for rent… so im stuck to the sunday paper

Administrator answers:

Go buy a paper. Browse the For Rent Section. Call the listed numbers for your price range. Tour the places. Decide on the one that works best for you. Easy.

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