Creative Ways to Sell a Duplex

[Hal Cranmer]

Hi,

I have a duplex that I am trying to sell in a great area of Minneapolis. It has 2 - 2BR units and the upstairs will rent for $1090. I am leaving the downstairs vacant (the current tenants will be moving out Sept. 30 and pay $1045 in rent). I am asking $189,900 which means that an owner occupant could live in this building for about $200-$300 per month if they buy it with an FHA loan. As you can see, renting is much higher than this and FHA they are only putting less than $7000 down.

I believe this is a good value because I just sold another duplex close by for $200K that rented one floor for $1245 and it went in one day to the first person who looked at it. I had another offer for $210k but it was already under contract.

Everything works in the duplex and I have had very few minor issues (no major issues) in the three years I have owned it.

I would like to advertise the fact that someone could live in this place for just $200-$300 per month. Should we put this in the MLS? What other creative strategies should I use to sell it? Any advice would be appreciated. We put it on the MLS about a week ago and had two people look at it so far but were not that interested.

Thanks.

[Travis Sperr]

Hal Cranmer- I have seen listings include something like "live in one unit and rent the other" "reduce your mortgage payment by renting one unit" , etc. I think when you get into offering specifics you should be careful. The property sounds like a great value for an owner occupant and not a steal for a traditional buy and hold investor.

You might also list similar catch phrases on craigslist to spark interest. Anytime you mention rates or mortgage payments be sure to clearly state "for example". I have seen FHA let a buyer use the rent income from the 2nd unit to lower DTI before the deal closed.