Duplex Chick
Your National Resource For Duplex Ownership
Welcome to DuplexChick, your online destination for duplex ownership information.
Whether you're thinking of buying your first duplex home, or an experienced investor looking to sell, DuplexChick can provide you with up-to-date market information, tips on investment property ownership, and when youíre ready to buy or sell, help you find a Realtor who specializes in these unique properties right in your area.
10 Reasons To Work With a Duplex Specialist
Find out why it is important to hire a realtor who is a duplex specialist
Considering Buying? See how a duplex specialist can help you get a better deal
While every Realtor can sell you a home, not every agent can do the necessary financial analysis to find a duplex that is a good investment. Click here for a neighborhood duplex specialist who can help you meet your financial goals.
Considering Buying? See how a duplex specialist can help you get a better deal
Unlike single family home owners, duplex owners facing foreclosure must also contend with potential tax consequences. Whether you are an owner occupant or duplex investor enduring the stress of being behind on mortgage payments, or needing to sell even though you owe more than your duplex is worth, a short sale can help reduce damage to your credit and tax obligations.
During this stressful time, let one of our Realtors who is an expert carry the load.
Thinking of Selling?
What If I Need To Sell? Regardless of market conditions, learn the tips and tricks to maximize your equity!
Kari Lundin, Keller Williams Realty Integrity
7401 Metro Blvd Suite 350, Edina, MN 55439 tel. (612) 290-5998
Featured Articles
Looking For A Good Property Manager? Ask The Right Questions 11.28.17
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Of course, I can.
My criteria, however, may not be the same as either the property owner’s or, most certainly, that of the tenants.
To me, in addition to the usual jobs of a property manager, the most important qualities I look for is the understanding that their fiduciary duties are to the property owner (not the tenants) and knowledge of landlord/tenant law.
A fiduciary has a legal or ethical responsibility to act in the best interest and sole benefit of the property owner at all times.
Over the years, I have interviewed a number of property managers to see if they are good fits for my clients. Time and again I have been told by these individuals and companies that they have great relationships with their tenants. It is rare to hear they have good relationships with their owners. And those are the very people they have a fiduciary duty to!
Of course, when it comes to access to properties, evictions and even tenant screening, knowing the letter of the law can be the difference between success and failure, both as an investment property owner and as a seller.
That’s why I always ask prospective managers a trick question. It is, quite simply, if a property owner decides to sell, what kind of notice are we required to give residents for showings?
Of course, if the answer deviates from Minnesota state law and isn’t detailed specifically in the property’s leases, I can’t recommend them.
So what is Minnesota law?
I’ll give you a hint. There’s no such thing as a 24-hour notice rule.
Winter Minneapolis Duplex Sellers Stand Out From The Crowd 11.08.17
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If there aren’t a lot of duplexes currently for sale, it’s like being an athlete in a small school. It isn’t hard to make the team or start if there are only 300 kids in the entire school. Heck, in that case, you may not even have to work out.
However, if you transfer to a large school, where there are 1200 students, odds are you may have to actually lift weights, go to a football camp and train to even make the team at all.
Waiting to sell your duplex in the spring is exactly like that.
Most people think that the best time to sell is in the spring. But so does everybody else. That means there’s a lot more competition and as a result, you’re going to need to do a lot more to stand out and achieve a sale.
The irony is, there are a lot of buyers in the market for a duplex in the fall and winter too. They get frustrated because they have fewer properties to choose from. Many times, they are so happy to find something that just comes close to what they’re looking for, that they will purchase a property they wouldn’t have considered in the spring.
Did you know there are currently just 312 duplexes, triplexes and fourplexes for sale in the 7 county metro area? Last November, there were 400. But from December through April, there were fewer than 270 every month. That’s almost 30% fewer fellow duplex sellers to compete with!
If you’re thinking of selling your Minneapolis or St Paul duplex, give me a call at 612-290-5998. I’d be happy to tell you how to make the team.
Is There Rent Control In Minneapolis Duplex Owners Future? 11.03.17
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But there is one more casting its shadow among multifamily property owners in the Twin Cities: rent control.
Minneapolis and many of its surrounding communities are suffering from an acute lack of affordable housing.
The majority of residents in Minneapolis are renters, with more homes in the city being rented than owned. The vacancy rate in the city is at just 3.4 percent; a historic low.
It’s the old law of supply and demand: when supply is low, the cost of rent skyrockets.
To combat this, the city has tried a number of strategies including passing an ordinance that prohibits landlords from renting to tenants using Section 8 vouchers, as well as trying to incentivize the construction of workforce housing by changing some zoning laws to spur the development of smaller apartment buildings.
They are considering other ideas as well, like:
- requiring landlords to renew tenants leases unless they have legal grounds to evict them
- requiring landlords to give the city and tenants advance notice when they intend to sell the property
- giving tenants the right to buy a building before it goes on the market
- rent control
As horrifying as those may sound to Minneapolis landlords, rent control is the one that would impact every aspect of investment property ownership.
And while it hasn’t been passed by the city council, it has been a topic of conversation.
Rent control prohibits landlords from increasing rent more than an amount or percentage determined annually by the city.
If your rent is below market value if rent control is implemented, the only way you will be able to raise it is if the tenant vacates the unit. If rent is artificially low, a resident may stay for a lifetime.
This low rent will not only have a negative effect on a duplex owner’s cash flow, but also dramatically decrease the value of the property when it comes time to sell.
It’s nice to have good tenants who stay. But is your tenant so great that they have the right to impact the value of your portfolio?
Most residents won’t move if their rent is below market value. And that’s just as true if it’s $100 below what they can rent any other unit for as it is for $400 less.
Keep your rent near market value. It will pay off in more ways than one.
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