Apartments for Cheap

Questions and Answers

Your Questions About Duplexes For Rent

March 13, 2012

Mark asks…

when am i able to sell my inherited property?

2-5 year rule? do i have to live in the duplex or just own the duplex
i rent both sides and know i have to claim the rent, but some tell me i have to be living on one side to pay less in capital gain taxes if i live on one of the sides.they say i have to live there for at least 2 years,and i just found that out.i moved out of it after only 1 year of living there, and rented it out.can i change my primary address to my son’s? he rents one half, and not charge rent all year?help me understand before it comes time to sell. thankyou
got the property from my dad.it became fair mkt value at the time of his passing.it is now worth more with all the updates.is it better to live in 1/2 or sell now?

Administrator answers:

If you inherited the property, the capital gains taxes you’d pay on selling it would just be on the gain after you inherited it, not from the price the former owner bought it for.

The exclusion from taxes is only for property that was your main home, not for rental property. And if you were living in half and renting the other half, would get even more complex.

Your best bet would be to see a CPA (NOT H&R Block people) and ask how to handle this.

Robert asks…

Where can I find duplexes, fourplexes, etc etc for rent?

Ive look on rent.com, apartment finder, apartments.com, etc etc etc, but I havent exactly found what Im looking for. I know for a fact that they dont always put ALL not even most of the apartments that are for rent on these sites or even in the news paper. And for some reason I am having the hardest time finding fourplexes, tri plexes, etc etc for RENT, not sale. So does anybody on here know of a hidden or secret place where they put the more listings at? ( other websites, etc etc ) Thanks

Administrator answers:

Craigslist, for sure!!

Betty asks…

What are good websites to use for searching places to live (rent) in chicago (besides craigslist)?

I’m looking for places to live in Chicago to rent (condo/townhome/apt/duplex and whatever else). Besides craigslist, does anyone know of any other good websites that are pretty good to use?

Thanks

Administrator answers:

Http://www.apartments.com/Illinois/Chicago&Vicinity

Maria asks…

can I write off closing costs on investment realestate?

If I purchase realestate, (residential duplex) to rent out for investment purposes, can I write off the closing costs?

Administrator answers:

Absolutely! In fact, your escrow company will send you a statement at the end of the year to give to your accountant.

Nancy asks…

Renting out property while taking in disability payments?

If I rent out property, how will it effect my disability payments.?
I was disabled in a car accident and have 100k in the bank from a lawsuit. I just was approved for disability for 650 a month. I want to know If I purchase a duplex and rent it out for 1000 a month or maybe one side for 500 a month, how would that effect my disability?

Administrator answers:

It will affect disability payments. Speak with Social Security to find out what you can make without altering your payment and rent it out for that. I am legally blind and get disability as loss of sight was a job related accident. I am able to make money to a certain point without affecting my disability. Social Security Office can give you how much you can make with your condition in your state.

Jenny asks…

Is rental income counted against my social security disability check?

I have social security disability (SSD), not SSI, so I am allowed to have as much money in the bank as I want. I know I’m allowed to own a home, but am I allowed to own a duplex and rent out one side. Does rental income count as ‘earned income’ as in a job or ‘unearned income’ as in bank interest?

If this income is high enough, could I lose my disability? To take it one step further–could I buy another duplex, and still be ‘unearned income’ so as not to lose my benefits.

Please only thoughtful answers. Critisizm or telling me to ‘go get a job’ isn’t what I’m looking for. Thanks so much for your help.

Administrator answers:

Unless you consider renting out those apartments as a job, then no, this money does not count. When you receive SSD the only thing they are concerned about is earnings from work. If the duplexes are an investment for you, then it will not affect your SSDI.

The answer above me is wrong. Only SSI would count this as income.

James asks…

Looking for help with finding a rental home in Menomonee Falls/Germantown, wi area?

We’re looking to relocate to the Menomonee Falls/Germantown, WI area. We’d like to find a home or duplex to rent. Any ideas on how to find a home for rent in that area? Anyone from that area have any suggestions on neighborhoods? We have two children and are moving from Indianapolis, IN.

Administrator answers:

Go to the website of the Milwaukee Journal-Sentinel (www.jsonline.com) and use their rentals search engine. It works pretty well. You can select a city as your center point, and then search within 10, 25, 50 miles, etc.

Good luck.

Charles asks…

in the state of nj can a landlord charge more rent if my fiance and i let my brother have the other bedrom?

my fiance and i live in a duplex we rent from my uncle. my the other tenants were evicted and trashed the place and my uncle decided to offer the other side to us (roomier etc) but it needed a lot of extra work done. (massive cleaning, painting and repairs) and the rent would be $800. So in the 5 months we took to get the job done he had his worker live there. so we had to repaint and reclean everything.

now, we were jumping from 600 a month to 800 a month we offered the other bedroom to my brother (19, same last name as me) so this makes 3 people in a 2 bedroom house.

we paid the rent and he refused it saying if my brother is there i can afford more. and wants to charge us more a month. full value for it. i spent 5 months working on his damn property to get my rent cheaper. we had no contract about how many people would be there but an oral contract that if we did the work we would get a 2 bedroom house for 800.

is this fair or am i being stiffed for my hard work?
btw we moved in and still dont have a lease so we never signed how many we had and a price, no oral agreement on how many but a oral argreement on 800
i pay for all utlilities also

Administrator answers:

Without a lease you are at the mercy of your landlord. And yes, he can and should charge you for an extra person considering that utilities will be more as well as wear and tear on the apartment. Verbal contracts on real estate are not binding in any state.

Chris asks…

Where can I find a rent house near Van Alystne Texas?

Ok I have looked almost everywhere, My husband just got out of the Marine Corps and we need to find a little one bedroom house, appartment, or duplex for rent. If gas, water etc or paid for I am willing to spend 700 a month, If they are not paid for my max is 500. I need to find one near Van Alystne Texas because we both have work their and my husband is going to school there..However I have a huge catch. I have two dogs, a blue heeler and a huskey. both under 70 pounds, however everywhere I call they say huskies are an agressive breed….lol they must have never owned one because my problem is our husky is way too friendly. Worst guard dog ever. I would prefer a place with a yard so the dogs can be outside dogs, however I am willing to lease an appartment if the price is good. NEED HELP

Administrator answers:

Contact 1-3 real estate offices. They will help you. IF they don’t help you, get back to me!

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