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5 Reasons You Should Buy A Duplex in Key West

If you’ve been struggling with how to break into the realm of real estate ownership consider this:  purchase a duplex.  A duplex is defined as a house divided into two apartments, with a separate entrance for each.  It is also what I consider one of the best investments that a homebuyer can make.

 

  1. YOU CAN LIVE IN ONE UNIT AND RENT THE OTHER!

 

  1. Duplexes qualify for FHA financing, which means that you could purchase the property for as little as 3.5%% down. For a list of my preferred lenders, click here.  (if you are in Key West you could also qualify for 0% down financing, contact me for additional information about the financing programs that are available locally.)

 

  1. You can use the rental income from the unit that you rent out to help you qualify for the mortgage to purchase the property

 

  1. Hellllllo Tax Write Offs – It’s no secret that owning a property provides many tax incentives that you don’t find as a renter. If you buy a duplex and rent out the other side you can write off all the costs that take place including costs to market and rent the property as well as repairs and shared expenses.

 

  1. Welcome to the World of Landlording – Real estate is one of the most lucrative investments you can make.  If you’ve ever thought about investing in real estate this is a great way to start.  Start small with your one unit and then grow your portfolio.  You’ll have a vested interest in the quality of property and tenant that you choose because you will be neighbors.

 

Let’s take a look at 1610 Dennis Street.  A duplex located in Mid Town Key West and currently listed for $385,000 (one of the best deals on the market I think!)

FHA 0% 3.50% 5% 10% 20%
Mortgage $2490 $2415 $2405 $2222 $1856
Taxes*  $324 $324 $324 $324   $324
Insurances** $425 $425 $425 $425 $425
Sample Total Monthly Payment $3239 $3164 $3154 $2971 $2605

 

Now.  Divide that Sample Payment by 2.  #boomshakalaka, you could OWN a home in Key West for as little as $1300!

Let’s make it happen.

* Taxes are based on your purchase price and are a little bit less than 1% of your purchase price.

** We estimated that the insurances for this home will be about  $5100 for hazard, windstorm, and flood insurances.

 

 

 

 

 

 

 

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