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Old 01-23-2012, 09:19 PM   #31
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Buying a duplex, renovating, and renting. I want your 2 cents!


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That's what was getting at. And if the cost of heating goes through the roof,...you're stuck paying the difference. Can't exactly shut the heat off on the tenants, or change the lease on them.
You can't make agreements in the lease that specify that if heating costs go above X and such per month they are responsible for them?

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Old 01-23-2012, 11:09 PM   #32
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Buying a duplex, renovating, and renting. I want your 2 cents!


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You can't make agreements in the lease that specify that if heating costs go above X and such per month they are responsible for them?
If I understand you correctly, probably not. I know I wouldn't sign that lease.
How are you going to prove they are the ones cranking up the heat?
Best to have separate utilities if at all possible.
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Old 01-24-2012, 12:29 PM   #33
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Buying a duplex, renovating, and renting. I want your 2 cents!


The conventional wisdom is to not allow pets in rentals, and for that reason most landlords do not allow them. I have been reading that finding decent rental housing can be very challenging for pet owners. You might find opportunity in making one half of your duplex a pet friendly paradise. Choose appropriate flooring for the unit - fence the backyard, etc. While you may have to outlay more in maintenance and repairs, you will be able to charge more because what you are offering is relatively scarce, and you may find it easier to choose a quality tenant if you are looking at a subset of the general public, rather than the whole class.
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Old 01-24-2012, 11:04 PM   #34
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Buying a duplex, renovating, and renting. I want your 2 cents!


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The conventional wisdom is to not allow pets in rentals, and for that reason most landlords do not allow them. I have been reading that finding decent rental housing can be very challenging for pet owners. You might find opportunity in making one half of your duplex a pet friendly paradise. Choose appropriate flooring for the unit - fence the backyard, etc. While you may have to outlay more in maintenance and repairs, you will be able to charge more because what you are offering is relatively scarce, and you may find it easier to choose a quality tenant if you are looking at a subset of the general public, rather than the whole class.
A duplex that allows pets SHOULD be more - at least $50 per month more.

What a lot of tenants do not realize is that a lot of insurance companies won't even write a homeowners' policy if there are dogs on the property. If they do write the policy, they charge a lot more for coverage.

...and that's not even taking into account the damage that pets almost always do.
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Old 01-25-2012, 03:22 PM   #35
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Buying a duplex, renovating, and renting. I want your 2 cents!


You could say "no dogs". Cats(especially indoor only) seem to be OK pets.
You'll need a good size water heater for each I'd think.
I'd go with hard wood floors for the tenant side. Once a tenant spills something and lets it set in, it's next to impossible to get out after they leave.

Get a deposit, how much is up to you. Take pictures before and after they leave in case they want their deposit back.

I'd try to go all electric if possible. You have to make it as idiot-proof as possible. Someone who doesn't have a clue about a gas stove could have the pilot light go out and blow the whole place sky high striking a match.
You'd better learn the basics of gas appliances if you go that route, as they'll be at your door knocking when something goes wrong.

You should have every right to check for felonies. You don't want child molesters or perverts next door.

Traffic. Loud music. Can or cannot put a satellite dish up... and where.
A 30-60 day notice if they don't plan on renewing their lease.

You want a Master or at least a duplicate key, and make it clear they don't change the lock.
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Old 01-25-2012, 04:00 PM   #36
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I encourage you to jump in. You can always learn new things. If, down the road, you decide it's not for you, you can always sell it.

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