Apartments for Cheap

Questions and Answers

Your Questions About Duplexes For Rent

March 1, 2012

John asks…

anyone know any apartments or duplexes in charlotte for rent without credit check?

Administrator answers:

It’s possible, check here: http://charlotte.craigslist.org/

Susan asks…

Does anyone know if you can paint a duplex for rent?

Administrator answers:

It should be in the leasing agreement, if not call and check many don’t have problems with it and others have strict policies

Lisa asks…

Couple Wanting To Rent Duplex?

If you had a couple wanting to rent a duplex unit, but didn’t want it for another month and only wanted to put up half the deposit would you accept half? The deposit is only $600 and it seems like a long time to hold a unit for only half the deposit.

Administrator answers:

No I personally wouldn’t accept 1/2 I would tell them the $600 is what I need in order to hold the place. If they decided to back out you would only have $300 and an empty place.

When I rented out my house the rent being $825 with a deposit of $1500 the girl who wanted it didn’t want to start rent until the 1st meaning 12 days of nothing so I told her if she payed the $1500 deposit I would hold it for her. Everything worked out fine.

William asks…

Can I qualify for first time home buyer financing if I buy a duplex and live in one and rent out the other?

I thought if I bought a duplex, lived in one side and rented out the other would be a good idea to help pay the mortgage. I would live there for a couple years then move and rent the entire duplex as an investment property. Good idea?

Administrator answers:

It’s very popular to answer “yes”.

However, the fact is that for the only nationwide first time buyer program in existence, the Mortgage Credit Certificate, it explicitly disallows all multiple unit property from participating.

Furthermore, I’ve dealt with the federally funded local first time buyer programs throughout southern California (in excess of forty different municipalities). In every single case I’m familiar with, it’s a requirement that it be a *single* family residence. No duplexes, no apartment buildings, no “2 on 1″ properties. Condos, townhomes, and PUDs are fine, but nothing multifamily.

People get confused because of the way residential property is defined (1-4 units), but just because something qualifies as residential property doesn’t mean it is eligible for a first time buyer program.

Finally, for every first time buyer program I’m aware of, the government assistance goes away, or worse, becomes immediately due, should you move out.

There may be municipalities somewhere where this is permitted under their local program, but I’ve never heard of one. The First Time Buyer programs are intended to make it a little easier for people buy the property they intend to live in. They are not intended to help you become a successful investor.

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