Our economy is currently in a recession, but the housing market is slowly picking up. More people are looking for ways to make money. One such way is to purchase rental property, such as a duplex, to rent out. This will generate more income than renting a single-family house because you have two separate addresses to rent out. A duplex will give you double the amount of income that a single-family house will, while making it easy to handle any repairs or situations that may arise. But you do not want to start out with a building that needs repairs right away. So where do you find a good duplex for sale?
Ask around to find a duplex for sale. Word of mouth can be quite powerful. Ask family, friends or business contacts whether they have any information on duplexes for sale. It is possible that they or someone they know has a building for sale. At the very least, they may be able to lead you to useful resources to find the right duplex.
Keep your eyes open. Usually, when a building is for sale or rent, there will be a sign out front stating so. When driving through your neighborhood or town, watch for these signs. It is best to find a duplex to purchase that is close to your home. This will help you deal with repairs more efficiently and make it easier to collect rent.
Contact a realtor. They not only sell homes, but some realtors specialize in businesses, complexes and duplexes. They may be able to lead you to your ideal building. If they do not have the resources to do this, they should be able to lead you in the right direction. They can give you tips on finding a duplex or refer you to someone they know who helps sell them.
Search online. There are online resources you can use to find buildings for sale (see Resources). Most websites are free; however, there are some that will charge you fees. It is up to you whether you would like to pay a fee, but keep in mind that building sales are not a secret. You can usually find the same information on a free website that you would on a pay-for-access website. When you conduct a search through a website, you will be able to define the search terms. For example, you should be able to define that you are looking for a duplex building located in your ZIP code.
Look in your local newspaper. Another option for finding duplexes for sale is to read your local newspaper. There may be some listings in the classifieds section. Also, if a building is foreclosed on and will be available for sale, there may be an announcement listed as well.