Do you have to have insurance if you live in a duplex?

Don’t assume that it’s automatically covered. The appliances that you provide for your tenants in the rented duplex belong to you. As a result, you need insurance for any damages to those, even if they’re not in the duplex where you live.

What are the pros and cons of month to month leases?

Now that you’ve considered the pros and cons of month-to-month leases, the next step is drafting your rental lease. You can easily create state-specific rental lease agreements with all the disclosures and attachments needed to be compliant in your local area.

When to send a month to month lease offer?

You should send a lease renewal offer 90 days before the lease ends. In some cases, landlords and tenants will opt for the lease to continue on a month-to-month basis instead of signing a fixed-term lease renewal.

How long does it take to close on rental property?

The main stipulation with property is that it must be for rental purposes and must have generated income. Your personal home, vacation home or other property do not count. Timing is important. You have 45 days from the date of the sale to identify potential replacement properties and you must close on the replacement property within 180 days.

How much does it cost to rent a duplex?

The cost of renting a duplex is usually on par with the cost of renting an apartment or house with the same number of bedrooms in the area. A duplex’s rent will be closer to that of an apartment or a house depending on the number of bedrooms and square feet it has as well as where it’s located.

How much does a duplex cost in McMinnville?

Welcome to mcminnville and this great duplex with positive cash flow from day 1! Gross rent multiplier 16.34 with upside on rents. Two bedrooms, one and a half… This unit is located at 240 ne fircrest drive #105, mcminnville, 97128, or monthly rental rates range from $1295 we have 2 bedroom units available for rent

How many floors does a duplex apartment have?

However, in some high-density rental markets, the term duplex apartment refers to an apartment with two floors, and each floor is connected by a staircase or an elevator. How much does it cost to rent a duplex?

How much is depreciation when selling a duplex?

If you claimed $40,000 in depreciation, your adjusted basis is $22,500. If the property sells for $250,000 net of costs, your selling price for the duplex side is $125,000 and your gain is $102,500, of which $40,000 is depreciation recapture.

What happens if only your spouse is on the mortgage?

A refinance is where you get an entirely new loan for your home, and you would apply for the loan as a couple. If only your spouse is on the mortgage, are you automatically on the title?

What happens if one spouse has poor credit?

If one spouse has good credit and the other has poor credit, or one spouse doesn’t meet the lender’s income requirements, they may not qualify for a loan, or only qualify for a loan with a less favorable interest rate.

Who is not responsible for past due mortgage payments after divorce?

After the refinancing, the ex-spouse that is no longer listed on the property and is not responsible for past due mortgage payments, liens, or other property-related debt. Issues sometimes arise when the release or refinancing is not done during the divorce.