Duplex Depot - Duplex and Multi-Family Real Estate

Duplex Depot Headache Avoidance Tip – Change the Locks on Those Rentals!

August 14th, 2009 Jacquie Cliff - Real Estate Agent and Loan Officer

As a real estate agent I am usually in charge of delivering the keys to the buyers that I have just helped get into a home.  Now I am sure that Lynnwood and the Seattle area is much safer than everywhere else in the country (not tongue in cheek) but it is a good piece of advice that you should get a property re-keyed after you take possession.

For rental properties(single family homes, duplexes, 4-plexes) this is especially important and often overlooked.  If you have just taken over, raised the rents and had tenants move out and new ones come in, you don’t want any surprises.  I can only imagine the headache that it would cause if your new tenant found out their house had been robbed by someone that had a key to the place! 

So get your doors rekeyed after tenants move out.  It is generally not overly expensive and is a lot easier to deal with than having a property robbed and possibly getting sued by the new tenants.

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Showing and Getting Offers on Your Multifamily Properties

October 28th, 2008 Jacquie Cliff - Real Estate Agent and Loan Officer

In the process of searching for good multifamily properties for my clients, I see many property owners that seem to want to do everything they can to discourage potential buyers from looking at their properties and making good offers.  There are several things that I consistently see multifamily property owners doing that their agents should be advising them against.

Multifamily property owners consistently don’t want to allow showings prior to having signed around offers.  This means that buyers have to make and negotiate an offer virtually sight unseen.  While I can understand not wanting a parade of potential buyers touring properties on a daily basis and disturbing tenants not allowing any showings is extremely counterproductive, and my clients have not looked at some properties simply because of that.  On others we have made significantly lower than asking price offers primarily because we had little or no idea of the actual condition of the property.

Sellers of multifamily properties also seem to forget that staging is just as important for multifamily property as it is for single-family homes.  While multifamily properties are judged heavily on their financials, having positive curb appeal definitely doesn’t hurt!  Given two properties with similar incomes and expenses most buyers would prefer a nice clean property over one that is looking rundown, as trash in the parking lot and furniture sitting by the dumpster.  A small investment in time and money to make it properly look good will go a long way toward getting more and better offers.

As I mentioned multi-family properties are judged heavily on their financial statements.  While looking through MLS listings quite often I see properties with no financial information included, or at most just the most crude numbers.  To make matters worse many sellers only want to make ‘accurate’ numbers available with a sign around agreement.  As with not letting buyers see the property, not allowing buyers reasonable financial information to judge a property by is almost worse than having them buy it sight unseen.  If you want good offers on your multifamily property, at least make sure that your MLS listing has as much financial detail as possible, and have accurate financial records on hand for serious buyers to see.

The last big mistake that I see multifamily property owners doing is not informing their tenants that the properties for sale.  Tenants will figure out their property is for sale, and it would be a lot better if they had been informed ahead of time and educated on the fact that the releases are still in effect even if a new owner takes over.  Communicating with tenants, letting them know what is going on and reassuring them that they aren’t about to be kicked out will help make selling process much smoother.

Of course I only halfheartedly pass along these tips to you property owners because what he continued to make these mistakes, ready and qualified purchasers are most likely bypassing your properties in favor of ones with better curb appeal and that are more accessible.  This of course means less competition and better deals on your multi-family properties for my buyers!

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Newer Everett Washington Duplex for Sale!

August 27th, 2008 Jacquie Cliff - Real Estate Agent and Loan Officer

Looking for a newer duplex in Everett Washington?  Here is a great duplex in South Everett, with easy freeway access,and an excellent commute to Boeing. Built in 2001, this duplex is a great change of pace from the older homes that have been converted into a duplex that are common in Everett.

Newer South Everett Duplex for Sale

Listed at $524,950 this duplex even has a detached garage for extra storage and each unit has its own deck.  If you have been looking for a duplex in Everett that won’t require as much maintenance as the older units, this duplex is for you!

Call me today at 425-773-3149 to set up a time to go over this newer South Everett Duplex property!

Jacquie Cliff – The Amazon Negotiator
Real Estate Agent, Loan Officer and Real Estate Investor serving:
Lynnwood, Bothell, Mill Creek, Seattle, Bellevue, Marysville, Mountlake Terrace, Edmonds, Everett, Snohomish, Kirkland and the surrounding areas!

Call me with any of your real estate questions at 425-773-3149 or email me at Jacquie@jacquiecliff.com anytime!

Copyright © 2008 By Jacqueline A. Cliff, All Rights Reserved.
‘Newer Everett Washington Duplex for Sale!’
Listing #:  28084462

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The secret to investing in multi-family properties

August 22nd, 2008 Jacquie Cliff - Real Estate Agent and Loan Officer

I sat through a webinar tonight about buying multi-family properties and why they are such great investments.  They went over all the standard reasons and I agreed with pretty much all of them.  I will re-cap a few of them.

Multifamily properties are easier to finance
This is for the most part true, because as you get up and away from duplex properties and into properties with 6 or more units banks are worried less about your credit and more about the long term financial stability and profitablity of the property.

Multi-family properties are easier to manage than single family rentals
Trying to juggle 15 single family homes can be a nightmare!  They are generally all spread out, have more pieces to need repair or replacement and just plain more expensive all around.  With multi-family properties you can hire a good management company and let them deal with it.  Even if there are repairs that wind up needing to be done, they are all in one place.

It is easier to gain equity with multi-family properties
Multi-family properties are valued not on the fickle winds of supply and demand, but are valued more on their capability to produce cash flow.  Because of this every dollar that you can increase will increase the value of the property by about ten fold.

The key element for investing in multi-family properties is having money to put down.
Banks are very willing to finance multi-family properties, but having cash down is essential.  Expect banks to want 20% down.  This of course doesn’t need to be your own money.  Very often people will partner up with people that have money to invest, to purchase properties.  If there really is any secret in investing in multi-family projects, finding enough private investors or ‘angel investors’ is it.  Eventually you will build up enough cash flow to fund your own purchases, but until then you need to find qualified people to invest and team up with you.

That is the crux of it, and you didn’t even have to sit through an hour long seminar that really was more of a sales pitch for the speakers program to teach you how to analyze cash flow and find angel investors, which by the way was discount priced at only $3,945.

If you have any questions about duplex and  multi-family properties in the Lynnwood or Everett areas, or the Greater Seattle area in general, give me a call at 425-773-3149 or email me at Jacquie@jacquiecliff.com.  If you are in other parts of the county and need help with your real estate and multi-family investing questions please email me and I will help you make a connection with a top notch agent in your area!

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Hello to all the duplex and mutli-family real estate investors out there!

July 28th, 2008 Jacquie Cliff - Real Estate Agent and Loan Officer

We are still getting everything set up here, but in the coming months I will be bringing you featured duplex and multi-family rental properties from Snohomish county that I think you should see, as well as any news that comes up that might affect the rental real estate market.

Stay tuned and add us to your list of bookmarks and drop us in your favorite feeds pile.  I hope to be able to bring you some profitable properties and if there is ever anything in the real estate realm I can help you with, or question I can answer, feel free to send me an email at Jacquie@jacquiecliff.com

Be sure to add our feed to your list now!

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