Duplex Specialists: Why You Need One
If you are wondering why you need a duplex expert on your side, I have a few examples of where my expertise could make a huge difference to your bottom-line and happiness.
The Tenant, Buyer, and Seller Tension
A couple of years ago, I was representing a seller, and the buyer’s agent had made a request for the tenants to be given a 30 day notice. I went over to her company’s office for the closing, as the sellers weren’t present, and she started yelling at me in the corridor on the way into the office. “I told you to give the tenants a 30 day notice, and they’re still living in the property,” she yelled. “What are my buyers supposed to do? They have their moving truck packed and can’t move in until the end of the month.” I didn’t know anything about them planning on moving in that day as it was the middle of the month. The agent had failed to realize that in Minnesota, when you give a tenant notice, they have until the end of the current month plus whatever length of time for the notice (to the end of that month. A 30 day notice is not just 30 days, it is one month plus whatever amount of time that is in the current month. I had to explain to the agent that the tenants had a legal right to occupy the unit until the end of the month, after all who moves in mid-month? Needless to say the clients weren’t real happy, and were homeless to boot.
Maximizing the Rental Income
In another case, where I represented the buyer, the listing agent listed a duplex as having two 1 bedroom units. They didn’t include one room because it didn’t have a closet and another room was listed as a dining room even though it was large enough to be a bedroom and the kitchen was spacious enough to dine there. The buyer got a great deal because the property sold for less than what it was worth because the agent didn’t think like an investor. The difference in rent was $500 per month, when the two rooms were best utilized, and this could have easily been accomplished in working with the seller.
These mistakes happen for often then they should. If you want specialized help in buying or selling a duplex give me a call!