• Login
    • Register

Central Oregon BuzzCentral Oregon Buzz

Thesa Chambers, Principal Broker

Contact Us Today At (541) 771-7064
thesa@centraloregonbuzz.com

70 SW Century Dr #110 Bend, OR 97702

  • Menu
  • Home
  • Search
  • Buyers
    • Buyer’s Info
  • Sellers
    • Seller’s Info
    • Sold & Active Listings
  • Communities
    • La Pine
    • Three Rivers South
    • Bend
  • Resort Communities
    • Caldera Springs
    • Sunriver
  • My Listings
  • Blog
  • About
    • Connect with Thesa
    • Connect with me.

Can I Afford to Be a Landlord?

Can I Afford to Be a Landlord?According to Freddie Mac, the Federal Home Loan Mortgage Corporation (FHLMC), multifamily rent growth should level out to its long-term average performance as interest rates increase. That does not mean that investing in a multifamily property is a bad idea, it just means that the supply and demand conditions are varying by location and adjusting to job growth or stagnation. Since most rental housing demand comes from 25- to 34-year-olds, the FHLMC expects the need for rental property to grow by up to 1.6 million as the employment picture improves.

You do not have to be a high-level investor to participate in the expected rental housing increase. Younger investors, especially those in the under 40 range, might consider purchasing a property and renting out rooms, or buying a duplex, living in one side and renting out the other. While being a landlord has some hazards and pitfalls, having a constant income stream that helps to pay the mortgage, offers some tax advantages and also provides a place to live might be a great start to your real estate investment future.

We can help you locate potential single-family homes with multiple bedrooms to let to students or others, or multi-family properties that might be an excellent investment for you. Location is important since many renters prefer to live nearer to where they work, shop, worship or attend school, while owners often are more willing to live further away in order to afford their mortgage.

Is a Duplex a Good Investment?

Buying a duplex, for example, might take a little more work than a single-family home, but the process is similar. In fact, FHA (the Federal Housing Administration) will loan up to 96.5% of a duplex’s value as long as the owner intends to occupy one of the units for at least a year. The Federal Housing Administration credits the buyer with as much as 75% of the rental income as part of their qualifying income and will finance as much as $347,000 for a two-unit property in some locations.

The most obvious advantage of owning a duplex is help with the mortgage payment via the rental income. In addition, however, duplexes are more affordable than larger apartment complexes, and often cost the same as a single-family home. If you have an elderly parent or adult child, you can rent to them so that family members have privacy, but share in the cost of the family property.

Disadvantages include close proximity to your tenant. If you have a needy tenant, you might find yourself continuously interrupted by a knock on the door. Your rental income is not a guarantee since there is no certainty that you will find a tenant, and when the unit is vacant, you are still responsible for your entire mortgage.

Landlord Responsibilities

Just as in your own home, you are responsible for all of the repairs, upgrades to appliances, maintenance and general upkeep of either a single-family rental unit or a duplex or multi-family unit. Since most states and counties—and some cities—have specific rules about cleaning, repainting and other costs between tenants, make sure you know the rules and regulations for your location.

So, whether you are looking for a single-family home to rent or a duplex to live in while you rent the second unit, we can help you with the information you need to find the best property for your needs.

Posted in: General

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Post navigation

« Selling Your Central Oregon Home
Vacation Homes & Second Homes »

About Thesa

As your real estate agent, I understand the value of providing the best possible service to every buyer and seller. Listening carefully to fully identify not only your desires but also your needs. Then work diligently to ensure that both are accommodated to the best of my ability. We will stay abreast on changing market conditions, trends, developments and research all factors that could affect the purchase or sale of your property.  My success and your happiness greatly depend upon the quality of the relationship we achieve.  Through personal redefinition of the professional standards set by most agents, I hope set myself apart from the rest and become the first person that you think of for all of your real estate needs.

Search Homes

  • Basic Search
  • Search By Address
  • Search By MLS#
  • Map Search
  • Create an Account
  • Log Into Your Account
  • Connect with Thesa
  • Request a Home Value

Contact Thesa

Thesa Chambers, Principal Broker West + Main Homes
thesa@centraloregonbuzz.com
(541) 771-7064
© 2022 · Equity Framework
The data relating to real estate for sale on this website comes in part from the MLS. Listing broker has attempted to offer accurate data, but is not guaranteed accurate. All information presented is deemed reliable but not guaranteed.

Listings Sitemap · Log in