Users' questions

What does it mean when a property is being sold occupied?

What does it mean when a property is being sold occupied?

An occupied property is as it sounds, one with people living inside it at the point of purchase. The previous owners could be there, or a tenant, who may or may not have a valid lease.

Who is the sole occupant of a duplex?

You own the duplex and are the sole occupant. You own the duplex, live in it, and are renting the other side. You own the duplex and rent out both sides. These living arrangements influence everything from the duplex insurance cost to your responsibility for repairs.

Can you rent out both sides of a duplex?

Beginning of a real estate portfolio. A duplex is a great stepping stone for anyone looking to invest in real estate. While you live in half, you can pay down your mortgage. Then, when you move out, you can rent out both sides — doubling your rental income. Rent goes up.

What’s the appeal of buying one side of a duplex?

What’s the appeal of buying one side of a duplex? (tenants, duplexes) – Real Estate -Brokers, appraisals, development, lease, investing, relocation, apartments, houses, condos, values, mortgages, loans… – City-Data Forum Please register to participate in our discussions with 2 million other members – it’s free and quick!

Do you have to put down money to buy duplex?

One reason buying a duplex is such an appealing idea is that there’s a lower barrier to entry than if you were buying a free-standing rental property. We already mentioned how you typically need at least 20% to put down on a single-family investment property, but the rules are a lot different if you’re buying a property to live in yourself.

Which is the best way to own a duplex?

One of the smartest ways to own a home is to buy two of them – purchase a duplex where you live in half and rent the other half out. While much of the rent you get from the renter will go to pay the extra mortgage payment, you get a number of tax benefits that help you defray the costs of home ownership and maintenance.

What are the responsibilities of an owner of a duplex?

First, be prepared to repair problems in the other duplex. As the owner, you are responsible to your tenant to repair or replace faulty equipment, plumbing, etc. This can involve quite a bit of time (depending on the situation) and money.

Who are some people who live in a duplex?

Eric Bowlin from Ideal REI is the perfect example of someone who used a duplex to get started in real estate investing when he may not have been able to otherwise. Bowlin says that when he was working on his Ph.D. in New England, they purchased a multi-unit property to live in with the goal of getting their living expenses covered.

Can a duplex be taxed as a single family home?

Your half of your duplex receives the same tax treatment as a single family residence, with one small difference. Since your mortgage and your property tax payments cover two properties, you can only write off half of them.