Apartments for Cheap

Questions and Answers

Your Questions About Duplexes For Rent

April 4, 2012

Jenny asks…

If new to an area, would you recommend buying a home immediately? Or, rent for a while?

I am wondering if it’s a good move to purchase a home (single family, condo or duplex) when first moving to a new area? Should a person rent for a while before buying? Prices do seem very good in some areas, especially with all the foreclosures.
I think ‘acclimation’ is a good thing but I hate apartment living. Condo/duplex/houses are better for me.

Administrator answers:

Rent. And talk to as many local people as you can about where they would buy if they could. When you are new to an area you don’t know traffic patterns, unsafe areas, potential new developments that are going to alter an area, schools, the list is endless. With a little research time you can find the right place to call home.

Paul asks…

What is the best part around Fort Lewis for a military family to live?

My husband just got orders for Fort Lewis, Wa. We are looking for a rent house or duplex near the base but we wanted to know what are the areas with a lot of crime. We’ve heard Tacoma and Hilltop were really bad. We don’t want to have to commute too far either. Any suggestions?

Administrator answers:

Live on Post Housing!

Daniel asks…

I manage about 70 duplexes/townhouses in Arkansas. Am I supposed to have a real estate license for this?

I collect the rent for all the properties, occasionally sign leases in absence of the owner, clean, process the applications…pretty much everything except own them.

Administrator answers:

If they are all owned by the same person then you’re OK as long as you are on the books as the owner’s employee. As an employee of the owner you don’t need a real estate license.

If there are multiple owners and you are holding yourself out to the public as a property manager then you absolutely need to have a real estate license and work under the supervision of a licensed broker if you don’t also have a broker’s license.

James asks…

How do you enter a “loss” of unpaid rent (empty units) for rental property?

I have a duplex that was purchased in 2006. Spent a month rehabilitating it and it was avail for rent beginning Sept 1 2006 but neither unit (prop mgmt issues) rented until early 2007. How do I account for the entry on my federal taxes?

Administrator answers:

Vacant rental property. “If you hold property for rental purposes, you may be able to deduct your ordinary and necessary expenses (including depreciation) for managing, conserving, or maintaining the property while the property is vacant. However, you cannot deduct any loss of rental income for the period the property is vacant.”

Powered by Yahoo! Answers