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Posted: 1/1/2006 5:09:00 AM EDT
By the end of the year i will be moving from NJ to the great state of GA. I plan on moving somewhere 50-60 miles outside of Atlanta. I been thinking of buying a duplex when i move down there. If i live in one unit and rent the other it will cover the mortgage. I know being a landlord is a pain in the ass. Is it a greater pain when you live in the unit next to your tenant?

I'd only be living in the unit for a year or two until i get my feet on the ground and get my business up and rolling in my new state. Then i'd build myself a house and rent both units out and have positive cash flow coming in every month.

So what do you guys think?
Link Posted: 1/1/2006 5:16:04 AM EDT
100% depends on who lives in the other half.

My friend lives in a duplex, and they get along great with the couple in the other half, going over on their deck for BBQ's once a week, and the other guy likes to take care of the whole lawn so my friend never mows, etc... I think that's a lucky break however, they could have nightmare neighbors who play music and bang around all night, leave the yard full of crap and never mow, etc...
Link Posted: 1/1/2006 5:42:35 AM EDT
I have a friend that owns four duplexs. There is no way that one side will rent for enough to pay for two. YMMV
Link Posted: 1/1/2006 5:48:44 AM EDT
My parents owned a duplex when I was born...we moved out when I was 9 months old...but my Dad kept it for a rental property for 10 more years, so I used to go with him over there. Too much heartache is why he sold it... renters running down the place was only part of it...drama between the different families.

It's like living in an apartment....you can suffer from the neighbors in the same building.

I always thought it would be cool to get a side-bu-side duplex and knock out a wall between them and make one home.


No Expert
Link Posted: 1/1/2006 5:49:32 AM EDT

Originally Posted By Pangea:
I have a friend that owns four duplexs. There is no way that one side will rent for enough to pay for two. YMMV



If i put 20% down on the property it will. My monthly payment should be around 600. It all comes down to what i pay for the house. It may not cover 100% of the payment, but worse case it will cover 75%.
Link Posted: 1/1/2006 6:01:25 AM EDT
[Last Edit: 1/1/2006 6:03:14 AM EDT by crazyquik]
When my dad was in his 20s, he would build a duplex each winter.

I grew up living in half of one.

I think you've got a great idea.

If you put enough down, then the rent from the other side will pay for the mortgage. Once that's done, you've got an income stream for the rest of your life.

The most important thing is to get good renters (not just now, but always, don't be a slum lord). Make them give you references. Don't rent to anyone that doesnt' have good prior rental references. "But I'm just starting out and have never rented anywhere" Tough tits, go rent somewhere else for a year and call me back. No you don't take Section 8 but you will take cash. Ask on the application if they have a vaccum cleaner, how else are you gonna keep my apartment clean? Write in the lease NO PARTIES and no parking on the damn grass. Safer to rent to married folks. Give a discount on your rent if a cop or hwy patrol or someone wants to live there, not much chance they will tear it up.

And when someone calls up and asks "will you work with me on the _____" tell them to pound sand. You need them to pay a full month's rent, and a deposit equal to that right from the get-go. If they are on good behaivor and don't trash the place, and give you a months notice before they move out, then they get thier deposit back.

If you're buying the place it might come with tenants and you can ask the previous owner if they are good or not.
Link Posted: 1/1/2006 7:00:03 AM EDT

Originally Posted By No_Expert:
I always thought it would be cool to get a side-bu-side duplex and knock out a wall between them and make one home.



I have an Aunt and Uncle who did just that. It was an awful lot of work, but they have a very nice home.

My wife and I looked at a duplex when we were in the market. One side was already rented out, and the income from the rented side was enough to pay the mortgage, taxes and insurance escrowed together.

Travis isnt much of a people person, and doesnt like dealing with other peoples problems, so I didnt buy it.
Link Posted: 1/1/2006 7:05:52 AM EDT
Can't go wrong with Income Property.

So many folks feel they're too good or don't want the hassle.

Excellent source of income in any capacity.
Link Posted: 1/1/2006 7:40:24 AM EDT
I manage rental property.

Run credit checks. They'll tell you more about your prospective renter than anything else that you can do. Let the prospective tenant know that you will be charging them - before approval or disapproval. That alone will run off a lot of folks that already know that they have lousy credit.
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