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Updated about 7 years ago on . Most recent reply

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530
Posts
397
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Bjorik Mutize
  • Real Estate Broker
  • Minneapolis, MN
397
Votes |
530
Posts

Rent Per Room: Recently Closed Duplex

Bjorik Mutize
  • Real Estate Broker
  • Minneapolis, MN
Posted

Hello all!

I have finally closed on my first duplex in a local city(second property, yay!) and i just had a few questions on some strategies to increase cash flow.I'm going to be living in one unit, and renting out the other. This is a fairly large duplex being a 4/1 lower unit, 3/1 upper unit.

I have finally found tenants for the lower unit, which agreed rents allow me to cash flow a little when expenses are said and done.I was just wondering on strategies to utilize the additional space in my unit(3/1) while i'm living there, and i was thinking about renting out the 2 additional rooms.

I plan on managing the property myself, i was just wondering if anyone can give some basic pointers on doing this. Also, can i just use the same MN standard lease format customized for the speculative roommates? What would i need to watch for compliance wise? Determining rents per room, would i just again use 3/1 market comps?

Thanks. I know its a wide scope question. Just wanted to see poster's opinions as i'm doing my research on it.

Most Popular Reply

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4,849
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3,415
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Jordan Moorhead
  • Real Estate Agent
  • Austin, TX
3,415
Votes |
4,849
Posts
Jordan Moorhead
  • Real Estate Agent
  • Austin, TX
Replied

@Bjorik Mutize in that area I wouldn't ask more than $500 with all bills paid.

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The Moorhead Team
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