Apartments for Cheap

Questions and Answers

Your Questions About Duplexes For Rent

April 22, 2012

Robert asks…

Im going to ask again, but I’m looking for a house to rent?

I am trying to find a 2 bedroom+ with 1+ bath house to rent it could even be a duplex if anyone see’s anything.
I am trying to find in either Azusa, Covina, Glendora, San Dimas, West Covina,La Puente or any place rather close to those cities. my price range can not exceed $1100. Thank to any one who helps me out. I really appreciate it and my kids too
I am only looking for in the mentioned cities in California

Administrator answers:

$1100 / 2br – 2 BEDROOM / 1.5 BATH IN AZUSA
2 Bedroom / 1.5 Bath in Azusa available about July 1st. Rent is $1100 and security deposit is $1000. Located at 316 North Alameda in Azusa. Please call Paul at 714-323-8482.

Joseph asks…

How can I find GRM (Gross rent multiplier) or Cap Rate averages in my area? or national, state averages?

Are there any webpages dedicated to following this type of information or any recent news articles that talk about it? I own a duplex in Richmond, Va that i’m going to be renting out soon. I know its approximate market value but am trying to see what I could charge for rents. Trying to get a better sense of the rental market based on the value of the homes. Thanks

Administrator answers:

A cap rate isn’t the best benchmark to use for a duplex. It’s fine for apartment buildings, but not so good for either single family homes or duplexes.

And, if you’re using any numbers, they’ve got to be specific to Richmond. And they have to be specific to the area of Richmond you’re in. Even state averages are meaningless. I’m up in Northern Virginia, and the rental rates here are quite different from other areas in Virginia. And, for instance, for commercial properties, cap rates up around here may be 3%, whereas in other parts of the country they may be 11%-12%.

Cap rates really are used to determine selling price–you start off with the property’s income and apply the cap rate to determine its value. You don’t really work the numbers the other way.

What you’ve really got to do is just determine what rentals for similar properties are going for. A Realtor with access to Richmond’s MLS can help. (I have access to the MRIS that covers Richmond, but you’d be better off with someone who knows the area. Let me know if you’d like a referral to a Richmond Realtor.)

Since I didn’t find many rental on the MRIS, you also ought to check CraigsList. See what comparable rentals are going for.

Hope that helps.

George asks…

How to split the rent?

I’m renting a three bed room duplex. I have the master and use of the garage for my car. How should I spilt the rent with the one other room mate? The other room is empty.
The rent is 950.

Administrator answers:

Half nd half

Linda asks…

How do I find an apartment For Rent in San Marcos Texas?

I am looking for an apartment, duplex or house off campus at texas state university

Administrator answers:

Use an apartment Locator, they are free and offer rewards when you use them.

Try http://www.sanmarcosresidence.com/

they have a big list

Sandra asks…

Information on buying a House?

Honestly Could you guys just reply back with dos and donts. Like maybe certain mistakes that you made which you can tell me so I will not do the same. Buying A house seems to be one of those subjects that I cant get alot of information on.

I am Military,Married I have excellent Credit and my cars are paid off so Idont have extra bills.
I am looking for somthing in the alabama tn or ga area. Mainly Georgia.
I was told not to get a mortgage that is more than 30% of your monthly income.. I was also told to wait about 2-3 more months to watch the prices drop on houses.
Im looking for the 110,000.00 range I have no kids. and I was also told to perhaps buy out a duplex and rent the other one out.
Im 25 years old
I was approved for the $110,000.00 from USAA with 4.99%

Administrator answers:

Sounds about right. General rule of thumb for price – take your annual after tax income and multiply by two and a half . . . Be sure to get an inspection (get two if you are unsatisfied with the first). Mort. Resets will increase 50% October through December so wait until after the holiday season if possible. Don’t be afraid to low ball an offer by 15% (perhaps a little more) the other party can always counter. Good luck.

P.S. I’m writing this on Tues. Georgia has the second highest spike in foreclosed properties – see A.P. Wire.

P.S.S. Make sure you are not in a flood zone – something people forget to check.

Thomas asks…

can you negotiate how much you want to pay for rent?

i found a duplex apartment on craigslist. for $850 a month. however, utilities are not included. it also does not have a dishwasher or central air. two of the main feaures i wanted. its a private landlord. do you think i can negotiate with him? or do most of these private owners have a set price and stick with it.

Administrator answers:

For a private owner, yes. For a complex owned by a corporation, most likely not. Success mostly depends on the current housing demand for your area, what you want the rent to be, and the needs/greed of the property owner.

If the property owner is willing to negotiate, and you come to an agreement, make sure you get that in writing in the lease. Also make sure to work out any details on yearly rent increases, so the property owner doesn’t sneak something into the lease that allows them to force annual rent increases that far surpass inflation and other costs. Some owners will negotiate a lower rent, get you into a multi-year lease, and specify in that lease that each year they may reevaluate and raise the rent to any figure they choose. It’s not that common, but it can’t hurt to watch out for it.

Jenny asks…

how much rent do you pay living alone?

i am planning on moving out since i am 21 and just wanted to know how much everyone else usually pays for renting a house, apt, townhouse, duplex. i know a lot has to do with location but where ever i look people still want 1000k or more i can swing that but was just wondering is renting an apt usually that much? i know some people pay more but i live kind of in the country so its cheaper.

Administrator answers:

$1000 for an above decent one.

Betty asks…

What’s the typical rent increase in Minneapolis?

I am new landlord in Minneapolis. I own a duplex that has had the same tenants for a year. They are excellet tenants and have expressed a desire to sign another years lease. What is the going rate of rental increase percentage wise for a duplex in the cities. They pay $950.00 now and the fair market rental value is $1100.00. I don’t want to price them out but I do need to raise the rent a resonable amount. I was thinking 5%…

Administrator answers:

I’d try to talk to the tenants, explain that due to an increase in taxes and insurance, your costs have risen. I’d tell them they rose higher than they actually did, then offer to eat some of it if they agree to a small increase, like to $995.

Finding a new tenant is expensive, and going without a tenant for one month would wipe out 18 months worth of your increase. So if they are excellent tenants, you really don’t want to lose them. Don’t be afraid to tell them that you really like them and want to keep them. Losing them is the last thing you want.

And the StarTribune’s Saturday home’s section lists average rent prices, and I believe even tracks over time. Yes, I’m in Mpls too.

Susan asks…

Looking for a house?

My husband and I are moving from WI to WA as soon as our mobile home sells here. We are looking for a either a house, condo or duplex to rent for a while until we get well established in the Kennewick, Richland, Pasco area. We have 2 house trained dogs and 2 cats that will be coming with us(our kids). If anyone knows of a place or someone please help me out

Administrator answers:

Have been looking out there myself (in PA) go to apartments.com there is allot of places that accept pets

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