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To duplex or not to duplex.........

spaceman

spaceman

Lifer
well,the gf and i are in the market for a house.
duplex seems like a decent 1st buy, but i am not a very handy person with power tools.
(ok, im just not very damn handy with any tools)
we have beat the duplex idea around a little bit...
anyone with a duplex care to share some insight/stories/potential pitfalls?
we can carry the mortgage with relative ease without a tenant...so what else should be worrying about?!?!?
 
The only thing I don't like about it is worrying about having my music too loud while my neighbor is home. She hates my subwoofer - especially since it sits directly at the rear of her bed on my side of the house 😛
 
do you like dealing with people? like telling them to clean up or pay on time and all the crap a landlord has to deal with?

i would never ever never be a landlord , because of my personality, i would not enjoy dealing with renters

i can fix stuff on the properties, but my wife would have to deal with the peoples
 
I'm considering buying a duplex also. My uncle owned a duplex for 20+ years and his sister (my aunt) has owned one for 10 years.

You have to be able to judge people fairly well or you can get screwed. My uncle is fairly straight forward and confrontational. He had hardly any problems. My Aunt got screwed a few times because she let people walk all over her...plus she couldn't seem to judge her applicants very well.

Also you will want to have at least a couple of months of rent money set aside in case you lose a renter and cannot find another soon. Otherwise you won't be able to afford the mortgage payment.

Hmmm...I think that's all I have to add.

Edit: My aunt is selling her duplex now. She bought for 200k and is selling for 350k. So 150k profit in 10 years is pretty good. And that's regardless of what she owes on it now. My uncle bought his for about 40k in the early 80's and sold for 200k a few years ago. S
 
Sounds like a good idea especially if you can afford it without a renter, this way the rental income is gravy.

The good thing about a duplex-4plex(in most states) you can get the same financing as a primary residence as opposed to a rental property.


Tom
 
Your interest will be higher with a multi family property. That differs from bank to bank, but that is the general rule.

Pro: Someone is paying most of your mortgage.
Con: You still have someone else living in the same building with you. They also carry a LOT of renters rights.
 
Originally posted by: GTiBri
Edit: My aunt is selling her duplex now. She bought for 200k and is selling for 350k. So 150k profit in 10 years is pretty good. And that's regardless of what she owes on it now. My uncle bought his for about 40k in the early 80's and sold for 200k a few years ago. S
Click to expand...

Keep in mind that figures on appreciation/years can't be used as a basis for any sort of comparison. The house I paid $200k for 18 months ago is now worth $300k. It entirely depends on your area and demand.

Having said that - nothing wrong with duplexes, as long as you don't mind living with neighbors attached to you...

 
Originally posted by: flot
Originally posted by: GTiBri
Edit: My aunt is selling her duplex now. She bought for 200k and is selling for 350k. So 150k profit in 10 years is pretty good. And that's regardless of what she owes on it now. My uncle bought his for about 40k in the early 80's and sold for 200k a few years ago. S
Click to expand...

Keep in mind that figures on appreciation/years can't be used as a basis for any sort of comparison. The house I paid $200k for 18 months ago is now worth $300k. It entirely depends on your area and demand.

Having said that - nothing wrong with duplexes, as long as you don't mind living with neighbors attached to you...
Click to expand...
Your appreciation rates will not be nearly as much as theirs were. Selected areas do maintain such appreciation rates, but thoes are VERY specific. Also, thoes areas are much more prone for an immediate market readjustment.

 
well, it had this really gross vomit scene, and the old lady really pissed me off...

but I say go ahead and watch it anyway.

-SelArom
 
Originally posted by: SampSon
Originally posted by: flot
Originally posted by: GTiBri
Edit: My aunt is selling her duplex now. She bought for 200k and is selling for 350k. So 150k profit in 10 years is pretty good. And that's regardless of what she owes on it now. My uncle bought his for about 40k in the early 80's and sold for 200k a few years ago. S
Click to expand...

Keep in mind that figures on appreciation/years can't be used as a basis for any sort of comparison. The house I paid $200k for 18 months ago is now worth $300k. It entirely depends on your area and demand.

Having said that - nothing wrong with duplexes, as long as you don't mind living with neighbors attached to you...
Click to expand...
Your appreciation rates will not be nearly as much as theirs were. Selected areas do maintain such appreciation rates, but thoes are VERY specific. Also, thoes areas are much more prone for an immediate market readjustment.
Click to expand...


Or you might see a higher appreciation, we bought our house 6 months ago and it has appreciated 60% in that short span of time (your results may vary 😉).

Tom
 
Its a horrible idea, especially for your first home. Unless you're already an asshole, renters are just bad news. Renter's rights are designed to screw you, while your tenant skips payments, destroys the property, grows weed, etc. A good part of your profit will be spent on repairs and legal fees, until you finally sell the property (which is the only real way to make money from it).

If you're going to do it, at least don't live next door. Live offsite and rent out both halves. That way you won't come to despise every single thing about your tenants and their families, since you won't be there to see the complete lack of respect they have for you and your property.
 
Well, I'd say the lack of collisions and better overall data transfer justifies using full-duplex ethernet, yes.
 
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