Couple wants to rent my whole duplex.
I showed my new duplex to a couple today, they indicated that they might want to rent both units. This seems like it might not be advisable in case they stop paying rent. The whole purpose of buying a duplex was in case one renter bugs out, I still have income from the other renter. What do you folks think?
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#3 Real Estate Deal Analysis & Advice Contributor
- Rental Property Investor
- Mercer Island, WA
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#3 Real Estate Deal Analysis & Advice Contributor
- Rental Property Investor
- Mercer Island, WA
Why do they want both units? Does their income and other qualifications meet your criteria for both units? If so, I would do it.
You MUST be prepared to have a vacancy in both units at once. Bad things happen in this business. Cash reserves are what let you ride out those bad things. Having multiple vacancies is only one of those things, and FAR from the worst. If you can't sustain having both units vacant for a month or two, or having some big bill(s), then work on fixing that problem.
Personally I only rent on a month to month basis. That way its my choice that they stay.