With the record number of foreclosure homes coupled with a soft housing market, there has never been a better time to look for the home of your dreams. Many new homeowners have been blown away by the deals they receive. The market has also been good to housing investors. These are often people, like landlords, who purchase a home so that they may rent out the units. They also often buy homes as fixer uppers and then sell or “flip” them when the market improves. Probably the most popular type of homes with landlords and other investors are duplexes and triplexes.
A duplex and a triplex are simply homes that have two or three units stacked one on top of the other. Each unit or apartment has its own floor and its own staircase (if located on the second or third floor) that leads to the apartment door. Although these homes are often more expensive than a traditional home, as we will soon explain, they may pay for themselves in no time at all.
With two or three apartments under the same roof that means you will receive two or three rent checks every month. These rent checks really add up and can be used to pay off your mortgage. Once the mortgage is paid in full, every check that you receive is pure profit.
If you are a landlord with separate residences, you know how difficult maintenance can be. Whenever it snows you have take time out of you busy schedule to visit each apartment you own and shovel. You also have to mow the law and take care of all general repairs. But if you own a duplex or a triplex you only need to worry about one lawn. You only have to shovel one walkway. This fact alone will save you hundreds of hours of backbreaking work a year.
Though they are certainly not immune, owners of duplexes and triplexes are far less susceptible to poor housing markets than are single family homeowners. This is due to the fact that there are fewer duplexes and triplexes than single-family homes so they are often in much higher demand. And since duplex and triplex owners have a steady stream of income coming in, there are better equipped to deal with downturns in the market.
If you are new to the multifamily home market, it is always a good idea to do some research online and check the housing listing in your area. Since, as we mentioned, duplex and triplexes are not nearly as common as single-family homes, you may need to do quite a bit of search. You may also want to speak to someone who has experience in the field like a former or current landlord. Realtors may also help you to locate the perfect new home.
Select a state in the list below for foreclosure listings of bank foreclosures for sale.