Apartments for Cheap

Questions and Answers

Your Questions About Duplexes For Rent

May 10, 2012

Thomas asks…

Need help calculating monthly payment – Mortgage?

I know this is basic math, but even if I use a calculator I still screw the figuring up.

Ok I’m gonna buy a NICE duplex to rent out. There are 6 bedrooms/4 bathrooms total(3/2 on each side).

The realtor is asking $128,700 for it.

My question is, if I took out a 30 year fixed mortgage at 5.5% how much would my monthly payment be?

What about for a 15 year mortgage at 4% interest?

My FICO score is a 747 w/ no negative factors other than an inquiry or 2, so I know I could get a low rate.

Also, one more question, my credit profile is 4 years old with NO negative factors other than inquiry or 2. Would I have trouble getting a low interest rate mortgage with limited credit history(yeah 4 years is considered limited)? My card utilization is under 3% and I plan to pay the small balances off before I apply. I also pull in about $1,800 every week after taxes are taken out so that would help hopefully.

Thank you.

Administrator answers:

Depends on how much of a down payment you make, what your property taxes are, etc.
Since it is an investment property you will need to put down 25%
To figure just the principal and interest go to a mortgage calculator, like;

http://www.bankrate.com/

And input your loan amount and the interest rate.

Go to the county tax assessors to figure the taxes and divide by 12 to get the monthly.
Since you will be putting down more than 20% there will be no PMI.

Robert asks…

How important is the ambition a guy has?

So now i am 28 and have a job a car and my own place , but i am busy cuz i am currently going back to college to become a physical therapy assistant.My job OK but it a dead end job and it is nothing i am passion at about doing forever . Retail sucks and i do not like it at all so it was time to do some thing new.

I have to apply to get into the physical therapy assistant program. They just do not let anyone in. So studying hard is key and good grades on top of that.

I got to job shadow working with kids and I liked it. I think i want to work with kids with disabilities and kids autism and cerebral palsy.also work with kids who need help improving gross and fine motor skills, balance and coordination, strength and endurance as well as cognitive and sensory processing/integration. Children with developmental delays, cerebral palsy, spinal bifida. things like that.

To me kids do not bug me at all and i a good listener and i have a ton of patience’s and very easy going kinda guy. Also i am sensitive and have empathy for people.also very good at encouraging and teaching people and i have a calm and soothing voice.

Moving back to my home town of Bellevue, Washington .It is pricey but a good place to raise a family and good schools.The average family household income is 82k last time i checked. Last year it was voted the 4th best place to live in America.

They have good private schools and that my only demand that we send are kids to a private schools. I just think it will be best.

Investing in the stock market is some thing I going to be doing soon. Renting for a few years and investing in the stock market and then buy a house with cash .

Also i want to build a nest egg so when the kids come we have some money saved up.

I want to get into the real estate game and buy a few houses or duplex and rent them out to people

My dream is to have a summer home in italy or spain .So we can go every summer to get away from it all for a few weeks.

Anyway i want to start a family some day and do all the stuff i never got to do. I want to spent more time with my kids then work all the time. I want to give them the opportunity to play sports if they want to it is up to them. I be there to help them if they need help with there home work of just hang out with my kids. I want to go on family vacations and go on short tips together. Also just do things as an family and spent all the time we can together. Last thing i want to make time for my kids and if i have a son i want to take him to sporting events and all that.
As far as a wife goes I want her and i to be good friends or best friends and lovers. I know Every thing will not always be perfect and it takes hard work and all. I do know if i have a good woman and my kids that is all i need to be happy.

Being supportive of my woman is important. when we have kids i want to give her the option of being a stay at home mom or if she wanted work part time or full time what ever. If she wanted to stay home with the kids for a few years I am fine with it. Also if she wanted to go back to college to have a new career or advance in her job that fine as well. I hope this not shallow but i want a woman that has a career not a job. Like a teacher or nurse.

I am not the type of person to just be happy with the way i am. What i mean by that is i want to grow as a person and learn new things and try new things . Improving your self and working on your weaknesses . No one is perfect but you can still work on your self in some way.

right now i am working on why I’m constantly tortured by a sense of failure.Emotionally I dwell on things forever. I’m an obsessive thinker. I obsess on things I’ve done wrong. Even worse than mistakes, I’ll dwell on what I’m not doing at the moment and what my limitations are.The desire to feel like i am not a loser drives me. I don’t know if that’s the healthiest thing—to be motivated by a fear of hating yourself.

I just do not want to let my self and family down and when i meet a nice girl i do not want to let her down.

There are a lot more thing i want to do in life . Just finding the right balance of work play family money to do it all is hard. If i fall short i at least know i gave it my all and get back up and keep at it.

One thing i do believe is if you work hard good things will come from it no matter what.

Administrator answers:

You’re exactly what I was looking for when I was 20….
Ambition is extremely important in anyone, it means you are willing to learn and grow.
Good luck to you, I believe also if you work hard, good things will come, eventually, I just made the mistake and picked a partner that didn’t measure up to my ambition. I allowed him to bring me down, because I wanted it to work so badly.
Just know well, the person you pick to be your partner in life, a person that feels the same as you do about children and your choice of careers.

Michael asks…

I need to know about buying a home?!?

A couple of years ago I had perfect credit. I had three new vehicles on my credit, 4 – 6 credit cards, a paid off student loan, etc. I think my credit rating was hovering around 725 last time I checked it. Then my ex girlfriend, who was my girlfriend at the time I signed for the loan, defaulted on her student loan. I have been getting letters ever since urging me to pay the loan, and I refuse to simply for the sake of character. I don’t know how/if/when this is/will effect(ed) me. I now want to buy a home, as an investment, split it into a duplex and rent it out. I have never in my life dealt with real estate and don’t know what to expect. Any advice on if I can even get a loan, and if I can if this is a logical plan?
i was the co-signer for the sally mae loan. she is the primary borrower. i refuse to pay out of principal. she left me for another guy a few months before our wedding etc. no reason to get into all of that. i’m just wondering how it has affected my credit and ability to get a house.

Administrator answers:

If you took out student loans for her and they are in your name and you are not paying them… Don’t expect any housing program to look at you too favourably…or the bank for a car loan…you can have liens put on you and have tax returns garnished for bad student loans.

Linda asks…

Question regarding Section 8 Rental Assistance.?

So, I have Section 8 Rental Assistance. I am looking for a place to move. I was looking through the classified ads and saw a nice duplex for rent for $725 per month. When I emailed the landlord, I told them that I had Rental Assistance and asked if they accepted this program. They then emailed me back, asked me how much my voucher was for. I emailed them again and told them I could go up to $800 per month and they said that because I have Section 8, they would charge me the maximum amount of my voucher- $800. I’m not complaining about the $800 because it’s a nice place, but I’m pretty sure that this is illegal. I tried to look up the details of tenant/landlord rights and responsibilities online regarding Section 8 but I could not find anything.

I live in St. Charles County, Missouri. I receive assistance through NECAC.
The landlord was not honest with me, if I did not get assistance, I would be paying the normal $725 in rent. But because I have state assistance, they want to charge me the maximum because they would be getting more from the state. The place has been assessed and the rent should only be $715, so the $725 is already higher.
Okay people, thanks so much for the answers. I guess, I was hoping that it wasn’t illegal, but I sure as heck knew it wasn’t fair. I did have another landlord tell me that he would charge me $10 more per month because I had Section 8. But it’s kind of shady that they are charging the maximum of my voucher and they didn’t decide this until I TOLD them the amount!!

Administrator answers:

It is not illegal. It is illegal to charge over the limit.

Live somewhere else if you have an issue.

George asks…

I want out of my lease what are my options?

My landlords are complete nut jobs. I moved in thinking this was the best place to restart my life, in a new area in a new neighborhood but even since I signed the lease it has been nothing but problems problems problems. For starters, they argue non stop! all day everyday over nothing. their fighting is so intense I dont know if I should call the cops or not because it ALWAYS comes to blows between the two of them. (Its a duplex, I rent the down stairs unfortunately) They fight like its their day job their night job and their hobby and to make matters worse they have a 1 1/2 year old little boy who sees and hears their mom and dad shout horrible horrile things to one another. The property is old which is fine, but the place is infested with ants, beetles, and mice! Ive called a ton of times about the ants and mice. Im ready to terminate my lease with these unstable freaks! What are my options. I live in PA, thanks sooo much!

Administrator answers:

You signed a lease and are legally obligated under it. READ it carefully. Put LL on notice in writing about infestation, noting that you have reported problem previously, several times and it has not been addressed. Request that they have exterminator out within a week. READ your lease, carefully. Also note that you are entitled to quiet enjoyment of your apartment and that their fighting has been disruptive.
Put it in writing to LL. Be polite and businesslike. Note that need for repair of X, and Y and need for extermination was reported months ago, and LL agreed to address, but infestation remains. State that you have been very patient. Request that exterminator and repairs made within 7 days from date of letter.
Then if they don’t make repairs, give them written 30 day notice that you are moving due to their breach of lease obligations. Give notice BEFORE end of month if you plan to move out at end of May.
Start calling police when their verbal fights escalate to blows, to create record. This will not endear you to your LLs.
Be prepared for LL to hold your security deposit and to have to fight to get it back. HOW many months left are left–do you want to move out now and have this hassle? Send notices to LL by First Class Mail and also Certified Mail Return Receipt Requested, to make sure they get it.

Or JUST give them notice and move out, but be prepared to lose security deposit and perhaps to be sued for term of lease.

Helen asks…

do any girls have the same ambition i do?

So now i am 28 and have a job a car and my own place , but i am busy cuz i am currently going back to college to become a physical therapy assistant.My job OK but it a dead end job and it is nothing i am passion at about doing forever . Retail sucks and i do not like it at all so it was time to do some thing new.

I have to apply to get into the physical therapy assistant program. They just do not let anyone in. So studying hard is key and good grades on top of that.

I got to job shadow working with kids and I liked it. I think i want to work with kids with disabilities and kids autism and cerebral palsy.also work with kids who need help improving gross and fine motor skills, balance and coordination, strength and endurance as well as cognitive and sensory processing/integration. Children with developmental delays, cerebral palsy, spinal bifida. things like that.

To me kids do not bug me at all and i a good listener and i have a ton of patience’s and very easy going kinda guy. Also i am sensitive and have empathy for people.also very good at encouraging and teaching people and i have a calm and soothing voice.

Moving back to my home town of Bellevue, Washington .It is pricey but a good place to raise a family and good schools.The average family household income is 82k last time i checked. Last year it was voted the 4th best place to live in America.

They have good private schools and that my only demand that we send are kids to a private schools. I just think it will be best.

Investing in the stock market is some thing I going to be doing soon. Renting for a few years and investing in the stock market and then buy a house with cash .

Also i want to build a nest egg so when the kids come we have some money saved up.

I want to get into the real estate game and buy a few houses or duplex and rent them out to people

My dream is to have a summer home in italy or spain .So we can go every summer to get away from it all for a few weeks.

Anyway i want to start a family some day and do all the stuff i never got to do. I want to spent more time with my kids then work all the time. I want to give them the opportunity to play sports if they want to it is up to them. I be there to help them if they need help with there home work of just hang out with my kids. I want to go on family vacations and go on short tips together. Also just do things as an family and spent all the time we can together. Last thing i want to make time for my kids and if i have a son i want to take him to sporting events and all that.
As far as a wife goes I want her and i to be good friends or best friends and lovers. I know Every thing will not always be perfect and it takes hard work and all. I do know if i have a good woman and my kids that is all i need to be happy.

Being supportive of my woman is important. when we have kids i want to give her the option of being a stay at home mom or if she wanted work part time or full time what ever. If she wanted to stay home with the kids for a few years I am fine with it. Also if she wanted to go back to college to have a new career or advance in her job that fine as well. I hope this not shallow but i want a woman that has a career not a job. Like a teacher or nurse.

I am not the type of person to just be happy with the way i am. What i mean by that is i want to grow as a person and learn new things and try new things . Improving your self and working on your weaknesses . No one is perfect but you can still work on your self in some way.

I just do not want to let my self and family down and when i meet a nice girl i do not want to let her down.

There are a lot more thing i want to do in life . Just finding the right balance of work play family money to do it all is hard. If i fall short i at least know i gave it my all and get back up and keep at it.

One thing i do believe is if you work hard good things will come from it no matter what.
i do not have it all yet but working hard on it .

Administrator answers:

Lost for words mate. You might find your lady in college, never know. But you’ve done some careful planning ahead, which can be good, but at the same time, can be your biggest downfall. Because if that don’t happen and you’re stuck in a dead end job and got rejected from college with no wife or children to hold every night. Only you will feel the pinch.

I like your intentions, you seem like a respectable man, and that’s a dad I never got. You just need to be careful, because even though some women have a nice exterior and some of their interior is lovely, there’s a hidden devil inside evry woman, same goes for men. But ever heard the phrase “In it for the money” or “Gold digger”. Be careful of those, because if she gets hold of you, she’s got everything you’ve ever dreamed of. So be very careful and make sure she’s the right one.

Don’t let it be a Disney-fairytale-no responsibility- easy going thing. Even though you must feel the love, she isn’t there to spit out your kids, wash your dishes and mow your lawn. But me telling you all this is irrelevant, you’re nearly 30 for crying out loud.

You have alot of virtues, and people like nice people.

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