Apartments for Cheap

Questions and Answers

Your Questions About Duplexes For Rent

May 18, 2012

Charles asks…

What is a good way to determine the value of a rental property you would like to buy?

I am interested in investing in some rental property and I would like to know what a good method is to determine how much I should pay for a rental property based on rent recieved.

For instance one duplex I have looked at has collected an average of 11,500 a year over the last 5 years. However, it is for sale for 275,000. That seems like a high asking price based on the amount of money it is generating.

(I know the amount of money a rental property is generating is not the only factor, but I think it should be an easy way to narrow down my options.)

Thanks!!

Administrator answers:

Some counties (like where i am from, miami dade county) publically disclose the estimated value of properties. However, often this value is only a fraction of the market value of the property.

You could always do an appraisal , but these can be a little expensive.

Http://www.realestateworldsite.com/Real_Estate.html

thats a good site that explains what appraisals are and the process of getting one.

Paul asks…

How does this work again?

If I move from a 3 bedroom house (paying utilities and rent for just myself) to a one bedroom duplex (again, utilities and rent just for self), would I possibly be able to save money on utilities and rent by downsizing?

Administrator answers:

The utilities it would, a smaller space to heat and cool but if its an older unit you might just pay the same hardly insulated but the rent might be less

Donna asks…

How can I say no to my in-laws wanting my husband and I to rent their 2nd house close to them?

My parents in-laws are pressuring (straight out asking, citing reasons for us to move, wanting to show the place, and a little guilt trip thrown in, etc.) my husband and I to rent their 2nd house which is close to them. We are very blissfully happy in our duplex, three hrs away from them. There are way more positives to staying, and more negatives to over there. My husband and I are fighting over this because it’s causing confusion in him: he wants to stay but feels pressured.

Administrator answers:

Make your husband sit and watch an all day marathon of Everybody Loves Raymond. That should help to clear up any confusion. Never, let me say it again, never live near the inlaws.

When I was married, notice the was, my inlaws lived on the same road, about 10 houses away. My mother inlaw would “happen to be nearby” almost everyday. When I went to the hospital to deliver my son, she rearranged all of my furniture.

NEVER LIVE NEAR THE INLAWS!!!!!

David asks…

My former landlord seems to have vanished but I need his info for my rental application, what should I do?

It appears as though he sold the duplex that I used to rent and moved out of his side of it. It looks as though a property management company took over the duplex and remodeled it. There is no record of the landlord anywhere I have looked and I don’t know what to do. I really need his information for my rental agreement for a new apartment I am trying to get. I really need help!!

Administrator answers:

Bummer, keep trying to find him, but if you can’t then (worst case) I’d just fill in the info with his old info and submit it – maybe the place you are applying can find him. You can also call his old number and check if they give you a new number and mail something to his old address and see if its forwarded.

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