Apartments for Cheap

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Your Questions About Duplex For Rent

March 17, 2012

Nancy asks…

Anyone have any experience buying a duplex as an investment property and used the rent $$ to pay the mortgage?

any good resources for this type of investing and becoming a landlord. where is a good place to learn about leases and the responsibilities of a land lord. Any good resources on ivesting in property would also be helpful.

Administrator answers:

There may be something of use here.

Lisa asks…

Can I raise the rent on my duplex?

I had my renters sign a one year lease 13 months ago. Obviously their contract has expired. Rent has gone up about 15% in the last year in my area. My question is however can I raise the rent to something more applicable even though in the contract I put something about a 3% increase year on year.

Thank you for any input!
Thank you! I’ll look into these options. As far as the 3%, no it wasn’t stupid. I did my research. That was the average increase over the last 6-8 years, and 3-4% was how much a most of the property management company’s were using as a % increase.

Administrator answers:

In most states when a written lease is expired the rental agreement reverts to a month to month rental agreement allowing you to change any and all terms of the agreement when you provide a month’s notice!

John asks…

Are duplex’s a good investment?

My sister and I were told to buy a duplex and rent it out. Is now the time because the markets so bad? and if so how does that whole operation work? We have no experience whatsoever in this field but we were told for a tiny bit of income its worth it in the end? I’m 18 and she’s 27 and she has money but i don’t so i would hav eto do a loan, right? PLEASE help!

Administrator answers:

I have several Duplexes. They are money makers. But I also know how to do all the repairs, and they were in decent shape when purchased. One side paid the bills, while the other side paid me..

At 18, you may not be mature enough to enter this type of arrangement. Sis on the other hand is. Going Partners when only one has the money is a hard prospect.

Susan asks…

Im eighteen. Got kicked out. What do I need/Need to know in order to rent an apartment/duplex?

So i’m eighteen. Just got done with high school. My mom kicked me out of the house…so my boyfriend and I are looking for an apartment but preferably a duplex. We both work almost full-time so money is not really an issue but still is. I don’t even have a credit card, not sure if that really affects renting? I’m pretty much still a baby and I need help/advice! This is my only option so it’s what I have to do.

Administrator answers:

Though most rentals are basically the same. There are quirks in each rental unit, landlord or management company.

Most would want to see the following

#1. 2-3 years of employment from the both of you.

#2. 3-4 personal references from both of you

#3. Pay stubs proving the amount earned each pay period from the both of you

$4. Reference from the last place you resided

Most landlords or management companies would not have a furnished place therefore you would need your own furniture. (Rent to own)

Also be prepared to pay the utility bills such as electrical, gas, water, and cable. In some cases those that do not have an established record with any utility company might be required to post a deposit.

In getting any apartment you would have to come up with a credit report fee of about $25.00 each since you are not married.

If you are approved then the landlord or management company would want a deposit, normally equal to one month rent as well as the months rent in advance then the rent would be prorated based on the day you would be given the keys to occupy the apartment.

You might want to think about making up with your mother, we are issued only one each of father and mother, there is no plural. You might have more than one brother, sister, cousin,aunt or uncles, but only one mother and father.

I hope this has been of some benefit to you, good luck.

“FIGHT ON”

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