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#81 How to Buy Your First Duplex in Long Beach (Just $28K Down) · Own More Doors

• 0:00
  SPEAKER_02: To think that there's pockets of Long Beach where you can be under 800,000 and you have some rental income, it's terrific.
• 0:06
  SPEAKER_00: Which is below the duplex price.
• 0:08
  SPEAKER_02: It's a no-brainer.
• 0:09
  SPEAKER_02: Most people think they need hundreds of thousands of dollars to buy an investment property.
• 0:13
  SPEAKER_02: That's simply not true.
• 0:14
  SPEAKER_02: Today we're going to show you what it actually takes to buy your first duplex.
• 0:18
  SPEAKER_02: I'm Juan Weezar.
• 0:19
  SPEAKER_02: I'm here with Ann Tay, and we're with another Own More Doors podcast.
• 0:24
  SPEAKER_02: Anne, welcome back.
• 0:25
  SPEAKER_01: Thank you, Juan.
• 0:26
  SPEAKER_01: Thanks for having me.
• 0:27
  SPEAKER_02: And um, one of the things that you specialize in is really helping our clients get into their first investment properties.
• 0:33
  SPEAKER_02: And today, you know, there's a lot of people who want to buy their first house and they're getting priced out of a house.
• 0:38
  SPEAKER_02: And what people don't know is um, you know, we have about 7,500 apartment buildings in Long Beach.
• 0:45
  SPEAKER_02: And what people don't know is duplexes make the majority of those properties.
• 0:49
  SPEAKER_02: So we have a lot of duplex inventory.
• 0:52
  SPEAKER_02: And, you know, it's surprising how we look at a neighborhood and you could buy a house for a certain amount, and then the duplex is not that much more.
• 0:59
  SPEAKER_02: Right.
• 0:59
  SPEAKER_02: Which then kind of tells us, like, hey, this is a no-brainer.
• 1:02
  SPEAKER_02: If you're if you're a buyer, you could you could end up with a home, but also with your first rental property.
• 1:06
  SPEAKER_00: Right.
• 1:07
  SPEAKER_02: Um, talk to us either about um any clients you're currently working with, anything you're seeing out there, and then we'll draw dive into the data.
• 1:14
  SPEAKER_02: Uh, Ann's done a tremendous job of uh researching duplexes in Long Beach, where the market's at, where it's going, and just some interesting nuggets about neighborhoods, price per square foot, some really good stuff that we're gonna get into.
• 1:27
  SPEAKER_02: But um anything where you want to start off, Ann?
• 1:29
  SPEAKER_01: Yeah, thanks, Juan.
• 1:30
  SPEAKER_01: So let's start off with just uh why a duplex.
• 1:33
  SPEAKER_01: And uh oftentimes our work with first-time investors and also first-time homebuyers.
• 1:38
  SPEAKER_01: And so oftentimes when you think about first-time homebuyers, they're thinking about single-family homes and not considering the multifamily part of it.
• 1:44
  SPEAKER_01: And the duplex is a great entry point for a first-time homebuyer and first-time investor.
• 1:49
  SPEAKER_01: And what we've been seeing in the market is that people are being priced out.
• 1:53
  SPEAKER_01: You know, prices continue to rise despite higher interest rates.
• 1:56
  SPEAKER_01: And so, how do we really get in as a homeowner, property owner?
• 2:01
  SPEAKER_01: And that's where you're gonna consider duplexes and so and multifamily altogether.
• 2:06
  SPEAKER_01: So duplexes uh really help in the sense that if you are able to then move in and know that you will be sharing a property, right?
• 2:16
  SPEAKER_01: So duplexes obviously are not gonna be as large as some single-family homes.
• 2:21
  SPEAKER_01: Um, you will maybe be sharing walls if they're not detached properties, and you may be sharing part of the land itself.
• 2:27
  SPEAKER_01: Um, but if you're able to consider those uh those those options as your lifestyle, you really will save on your financial side because you have a rental that you can then leverage and help pay for your mortgage.
• 2:39
  SPEAKER_01: And so oftentimes I have buyers who are coming in that feel like they're priced out.
• 2:44
  SPEAKER_01: But once we consider duplexes, they feel like they have uh much more of a leg up in terms of an opportunity to actually own property.
• 2:51
  SPEAKER_02: And thank you for that.
• 2:52
  SPEAKER_02: So if you could just give us like, if so, someone's listening and they're gonna say, huh, I wonder if I qualify.
• 2:58
  unknown: Yeah.
• 2:59
  SPEAKER_02: Give us some basic stuff.
• 3:00
  SPEAKER_02: Like if someone wants to get a loan, like what's like the um the credit score that they would be looking at, the down payment, just some basic stuff, and then also how much someone as a household income would need to have.
• 3:12
  SPEAKER_01: Sure.
• 3:12
  SPEAKER_01: So uh we're gonna dive into some of the data, but just generally speaking, a first thing you want to consider is are you gonna occupy the property?
• 3:20
  SPEAKER_01: Is it gonna be an investment altogether or is it gonna be owner-occupied?
• 3:24
  SPEAKER_01: The reason for that is because there's different types of loans that you have to consider and that you can qualify for.
• 3:29
  SPEAKER_01: So owner-occupied loans, you can do an FHA, conventional, or even VA loans, and we know that they have low down payment requirements.
• 3:36
  SPEAKER_01: The minimum for VA is zero down payment.
• 3:39
  SPEAKER_01: FHA is at 3.5%, and conventional is at 5%.
• 3:43
  SPEAKER_01: So the entry point for let's say$800,000 duplex, you're looking about a for an FHA, 3.5% down, is$28,000 to get in.
• 3:52
  SPEAKER_02: Okay.
• 3:53
  SPEAKER_01: So that's very doable.
• 3:54
  SPEAKER_01: Household incomes, you're in between$160,000 to$200,000 for household income.
• 4:00
  SPEAKER_01: That could be two individuals to qualify for this.
• 4:02
  SPEAKER_02: Sure.
• 4:02
  SPEAKER_02: Okay, perfect.
• 4:03
  SPEAKER_02: Okay.
• 4:04
  SPEAKER_02: Um you've been really diving deep into the data when it comes to the duplex market.
• 4:09
  SPEAKER_02: What are some interesting things that you found out that you'd like to share with us?
• 4:13
  SPEAKER_01: Yeah.
• 4:13
  SPEAKER_01: So the duplex market is highly variable across different neighborhoods in Long Beach.
• 4:18
  SPEAKER_01: And as a Long Beach local and those who do live in Long Beach, we know that there's pockets all across Long Beach who are very different and trade at different metrics.
• 4:26
  SPEAKER_01: Metrics meaning it could be the value, the purchase price of the property itself, price per square foot, how long it's on the market, days on market.
• 4:34
  SPEAKER_01: And um if there's negotiating power, if you have competition in certain areas or other areas, you actually have some uh leverage to have uh, you know, a lower purchase price than what's listed.
• 4:46
  SPEAKER_01: So that's been really interesting for the duplex market across Long Beach and it trades very differently.
• 4:51
  SPEAKER_01: And so I'm excited to share that today with you, Juan.
• 4:54
  SPEAKER_02: Perfect.
• 4:55
  SPEAKER_02: And so just so people would know what we're looking at, is this these are closed sales at the duplex um level and it's for the past 12 months?
• 5:02
  SPEAKER_01: Correct.
• 5:03
  SPEAKER_01: Yes, this is what I pulled for the past 12 months.
• 5:05
  SPEAKER_02: Perfect.
• 5:05
  SPEAKER_02: Then let's dive into it.
• 5:07
  SPEAKER_01: Let's just some of the just summary of what the market is.
• 5:11
  SPEAKER_01: So we have 154 sales that we're looking at in the past 12 months of Long Beach duplexes sold.
• 5:17
  SPEAKER_01: Median price is$985,000.
• 5:20
  SPEAKER_01: Your average sales price is$1.07 million, and your average days on market is 47 days with the average square foot of$570.
• 5:30
  SPEAKER_02: Let me give a little perspective here.
• 5:32
  SPEAKER_02: So for the last 12 months, there's been 154 duplex sales.
• 5:36
  SPEAKER_02: Uh when we compare that to fourplexes, that's 79 fourplex sales.
• 5:40
  SPEAKER_02: Okay.
• 5:41
  SPEAKER_02: And then the average sales price for a four-plex in the last 12 months is uh 1,360,000.
• 5:47
  SPEAKER_02: So, you know, I'm kind of surprised.
• 5:49
  SPEAKER_02: I I'm surprised that the average sales price for duplexes is above a million.
• 5:53
  SPEAKER_02: Now, now, folks, ple please know that you know there's there's gonna be some prices, uh, some duplexes that trade for for a lot less than that.
• 6:01
  SPEAKER_02: It but I think what's happening is that maybe in our premium areas, there's a lot of duplex properties there, and that's what's driving up the average.
• 6:08
  SPEAKER_02: Um, but then if we look at the median um sales price, then we know that it's slightly under um a million dollars.
• 6:16
  SPEAKER_02: So that's a good amount of sales, 154.
• 6:18
  SPEAKER_02: It's a great sample, and$570 a square foot is our average.
• 6:22
  SPEAKER_02: Okay.
• 6:22
  SPEAKER_01: Yeah.
• 6:23
  SPEAKER_01: So let's jump into it.
• 6:24
  SPEAKER_01: So to your point, Juan, about like uh prices that are way below a million dollars, we can see that in this uh graph here.
• 6:31
  SPEAKER_01: And so what this breaks us down is going to be different areas or different neighborhoods in Long Beach.
• 6:38
  SPEAKER_01: And so we can see that the poly high area trades the lowest average price in the poly high area is gonna be$658,000 for a duplex.
• 6:49
  SPEAKER_01: Second to that's gonna be North Long Beach.
• 6:51
  SPEAKER_01: And so that's where your value is gonna be at.
• 6:53
  SPEAKER_01: Those are gonna be the ones where you're banging for your buck for a duplex.
• 6:57
  SPEAKER_02: I mean, uh, you know, I I would think that the median home price in Long Beach is probably somewhere around, you know,$750,000,$775,000.
• 7:06
  SPEAKER_02: It could be even higher, but to think that there's pockets of Long Beach, uh, Polly High, North Long Beach, where you could be under$800,000 and you have some rental income, it's terrific.
• 7:15
  SPEAKER_01: It is, yeah, it is.
• 7:16
  SPEAKER_01: So people could definitely have this entry point to start off as a first-time investor, first-time homeowner.
• 7:23
  SPEAKER_01: And so we can also see, not surprisingly, that Belmont Shore is going to be your highest in value.
• 7:28
  SPEAKER_01: So they're trading at a one point, nearly$1.8 million for Belmont Shore.
• 7:33
  SPEAKER_02: That's interesting because if we look at fourplexes, it would be$1.8 million.
• 7:37
  SPEAKER_02: It would, it's almost identical, but but I get it that if you compare a duplex where someone's using it, where it really is, say, two homes on a lot, someone might desire that more than say a four-plex property where they're all shared shared walls.
• 7:51
  SPEAKER_02: And so I could see that.
• 7:52
  SPEAKER_02: And that's the thing that in Belmont Shore, a single family home is going to be a you know a 1.5 probably average sales price.
• 8:00
  SPEAKER_02: And so that makes sense.
• 8:01
  SPEAKER_02: And I mean, look, if I'm looking to buy in Belmont Shore, and if the homes are, you know, 1.4, 1.5 starting, uh, to think that you could pick up a duplex.
• 8:12
  SPEAKER_02: And and when we say duplex, in some cases it they could be detached.
• 8:15
  SPEAKER_02: So it really is two homes on a lot, two separate entrances.
• 8:19
  SPEAKER_02: And so um, you know, 1.8 million is not, I guess, surprising to me.
• 8:23
  SPEAKER_01: Right.
• 8:24
  SPEAKER_01: And then just comparing the two to as well in terms of lifestyle, oftentimes most of the buyers are gonna be owner occupied for duplexes as compared to quadruplexes, they may just be investment properties.
• 8:35
  SPEAKER_01: So it may not be surprising that the prices here may be higher because there's more financial uh programs to support it.
• 8:43
  SPEAKER_01: So the next one uh is going to be price per square foot.
• 8:46
  SPEAKER_01: Just, you know, we're trying to compare just size of the duplex as they vary across all of Long Beach.
• 8:51
  SPEAKER_01: And so just giving you the value from a different perspective here.
• 8:55
  SPEAKER_01: Uh, but again, we might see some trends that are going to be the same from the value of the purchase price itself.
• 9:00
  SPEAKER_01: So poly high, again, more bang for your buck, lowest price per square foot, and Belmont Shore, highest price per square foot, actually exceeds most of them by like a hundred,$150 uh price per square foot.
• 9:14
  SPEAKER_01: So Belmont Shore is highly sought after and can maintain its value because of the demand.
• 9:20
  SPEAKER_02: And if you're working with a buyer and you know they they wanted a home, but like you said, it got priced out, a lot of competition out there, uh, even though interest rates are high, which is the most surprising thing, but um, you get them to look at a duplex.
• 9:35
  SPEAKER_02: Are what do you talk to, what do you tell them when they have questions about tenancies?
• 9:39
  SPEAKER_02: And man, I I never figured I'd be a housing provider or a landlord or, you know, um how do you how do you kind of walk them through like, okay, they've never dealt with renting out a unit or taking calls, the uh maintenance request.
• 9:54
  SPEAKER_01: Right.
• 9:54
  SPEAKER_02: How do you walk them through that?
• 9:55
  SPEAKER_01: Right.
• 9:55
  SPEAKER_01: So I think part of it is just knowing what they're getting themselves into and pro being a housing provider.
• 10:01
  SPEAKER_01: So as we know, there's gonna be some maintenance, as we also know that there may be um some repairs that maybe come up from a tenant that you may have to address.
• 10:11
  SPEAKER_01: So part of homeownership and having a tenant in place is deciding if you want to manage it yourself or you want to hire a property manager.
• 10:18
  SPEAKER_01: And what does that look like for you?
• 10:19
  SPEAKER_01: How much would that cost you?
• 10:20
  SPEAKER_01: Would you much rather just recuperate that cost and do it yourself?
• 10:24
  SPEAKER_01: And what does that save you in terms of stress goes?
• 10:26
  SPEAKER_01: And also just helping to screen some tenants that if you have a vacant unit, you can then put in a new tenant.
• 10:31
  SPEAKER_01: And also, what does it look like acquiring a tenant already in place?
• 10:35
  SPEAKER_01: Because oftentimes we may not be able to have duplexes delivered completely vacant.
• 10:41
  SPEAKER_01: And so just reviewing the contract that's already in place with them and making sure the buyer feels comfortable acquiring a tenant in place and also putting a new tenant in place and what those contracts look like as well.
• 10:53
  SPEAKER_02: Awesome.
• 10:54
  SPEAKER_02: Okay, thank you.
• 10:55
  SPEAKER_01: All right, next one, we're gonna look at average days on market.
• 10:58
  SPEAKER_01: And so what this tells us is just how fast is the dualplex gonna trade at certain parts of Long Beach.
• 11:05
  SPEAKER_01: And not surprisingly, you know, the longest uh days on market in a particular area is gonna be Belmont Shore because it has the highest value, meaning that there's just a smaller pool of buyers that are being able to afford Belmont Shore and willing to buy in Belmont Shore.
• 11:20
  SPEAKER_01: So as a seller, property owner, you may just expect to be on the market much longer if you're trying to sell a property in Belmont Shore.
• 11:26
  SPEAKER_01: So we're looking at 77 days there.
• 11:28
  SPEAKER_01: North Long Beach actually is surprising for uh long, longer days on market too.
• 11:34
  SPEAKER_01: Maybe there's just lower demand to buy in North Long Beach.
• 11:38
  SPEAKER_01: And so from a seller's perspective, just expect about 70 days on market before you can get into a contract.
• 11:46
  SPEAKER_02: Perfect.
• 11:47
  SPEAKER_02: So as I look at this, um, so it looks like Signal Hill uh is trades the quickest.
• 11:52
  SPEAKER_02: I mean, under 30 days.
• 11:53
  SPEAKER_02: There's several areas.
• 11:54
  SPEAKER_02: I mean, Los Altos call it even Lakewood, Wrigley area, poly high.
• 12:00
  SPEAKER_02: I'm these are all trading around 30 days or less, which is really fast.
• 12:04
  SPEAKER_02: I mean, homes sometimes don't even trade that fast.
• 12:06
  SPEAKER_02: And so this is really good data.
• 12:07
  SPEAKER_02: And so if if anyone if anyone already owns a duplex is and maybe is considering trading up, this is promising because in those areas you know, under 30 days and your property is gonna be selling.
• 12:19
  SPEAKER_02: Uh, and so if I'm a if I'm a buyer and um will the will the bank give me credit for the income that's coming in.
• 12:29
  SPEAKER_02: So like I'm gonna go get a loan.
• 12:31
  SPEAKER_02: Like, are they gonna give me credit for the income that's coming in from, say, the backhouse?
• 12:34
  SPEAKER_01: Uh yes, they will give you credit for the income coming in.
• 12:37
  SPEAKER_01: So that also means that it'll give you higher purchasing power.
• 12:39
  SPEAKER_01: So it'll be added into your annual income that you'll make by the current tenant in the place, or usually they'll use market rent actually for that um credit to add to your annual salary.
• 12:50
  SPEAKER_01: So you'll give you able to purchase at a higher rate compared to a single family home.
• 12:55
  SPEAKER_01: Great.
• 12:56
  SPEAKER_01: All right, let's go to the next one.
• 12:57
  SPEAKER_01: And this was actually my favorite slide because it tells us about competition.
• 13:01
  SPEAKER_01: This compares sale price versus list price in certain areas.
• 13:05
  SPEAKER_01: And so, from a buyer's perspective and also from a seller's perspective, where is our competition and can we expect to see a closed property on its actual list price?
• 13:18
  SPEAKER_01: And so these are just percentages comparing the two.
• 13:21
  SPEAKER_01: Anything under 100% means that they traded lower than the list price.
• 13:25
  SPEAKER_01: And anything above it is going to be higher of the list price, meaning higher competition.
• 13:30
  SPEAKER_01: And so where we see competition is going to be Signal Hill.
• 13:34
  SPEAKER_01: We saw that has the lowest DSL market, meaning that it moves quickly off the market.
• 13:39
  SPEAKER_01: And it's trading 101% above the list price, meaning that there's plenty of competition going into the property with bids above the list price here.
• 13:48
  SPEAKER_01: And that also is true for North Long Beach, which is just slightly above 100% as well.
• 13:53
  SPEAKER_02: Okay.
• 13:54
  SPEAKER_02: Well, the one thing about North Long Beach is because it's more affordable and it might be sitting on the market longer, I'm actually surprised that it's still getting roughly that they're asking price, but that's a you know, it could be that you know, that's your lowest entry into the market.
• 14:08
  SPEAKER_02: Right.
• 14:09
  SPEAKER_02: And so it could be that sellers are like, hey, this is what it's worth, and and that's what I'm taking.
• 14:13
  SPEAKER_02: One thing that I did want to know, um I know you said that for for North Long Beach, the average sales price was 800,000.
• 14:21
  SPEAKER_02: Just about um we just listed, we just listed a three-unit building at uh uh 180 East 55th Street.
• 14:29
  SPEAKER_02: This is in North Long Beach three units, and we priced it at 750,000.
• 14:33
  SPEAKER_02: A lot had to do with that, and uh with just the fact that the rents were really low.
• 14:36
  SPEAKER_02: Long-term tenants, the owner didn't want to um, you know, the the owner made friends with the tenants and he said, Look, uh you guys take care of the property.
• 14:43
  SPEAKER_02: Um, don't call me with anything to fix.
• 14:45
  SPEAKER_02: Yeah, and I'll keep your rent low.
• 14:47
  SPEAKER_02: And so they kind of had this agreement, and so um, and so we do have, if anyone's listening, we do have a triplex North Long Beach for 750,000.
• 14:55
  SPEAKER_00: Nice, which is below the duplex price.
• 14:58
  SPEAKER_00: Yes.
• 14:58
  SPEAKER_00: So it's it's it's a stupid price.
• 14:59
  SPEAKER_00: It's a no brainer.
• 15:00
  SPEAKER_00: Yeah.
• 15:00
  SPEAKER_00: Yes.
• 15:00
  SPEAKER_01: No brainer.
• 15:01
  SPEAKER_01: Um, I also want to point out here is that poly high trades at 96%.
• 15:06
  SPEAKER_01: And so it not only has it has the lowest value in all of the areas, it's also has a lot of negotiation in in place.
• 15:14
  SPEAKER_01: So if a buyer is interested, they may be able to submit an offer below listing price and have it accepted.
• 15:21
  SPEAKER_01: And so maybe some more motivation there to be able to trade in the poly high area, um, just a uh easier entry point.
• 15:28
  SPEAKER_02: And what do you tell a uh client who says, okay, and you've you you've convinced me, you know, let's buy a duplex.
• 15:34
  SPEAKER_02: Um, I want to get rid of the tenant.
• 15:37
  SPEAKER_02: Or or or um, I'm gonna rent to my aunt, or my sister just graduated college, I want her to live in the back and I I know her.
• 15:44
  SPEAKER_02: What's the process to deal with the tenant there?
• 15:47
  SPEAKER_01: Well, it really just depends on your intent to uh remove a tenant.
• 15:51
  SPEAKER_01: So if you yourself, um as the owner who wants to occupy that unit, you do have just cause in terms of removing the tenant so that you yourself can move in or a family member can move in.
• 16:05
  SPEAKER_01: And so the process is a 60-day notice to the tenant so that they can vacate and that you yourself can move in.
• 16:14
  SPEAKER_01: Otherwise, uh you will have to look at other reasons to remove the tenant.
• 16:19
  SPEAKER_01: Um, having just a vacant unit just because is not going to be a just cause reason to remove a tenant.
• 16:25
  SPEAKER_02: You know, one thing I want to put uh point out is uh it's important if you're buying a duplex, it's important on who you're buying it from.
• 16:33
  SPEAKER_02: So if you're buying it from an owner-user, meaning that they actually live there, during that period it's not subject to rent control.
• 16:41
  SPEAKER_02: And so then if you're buying it from them, then you're buying a property that's not subject to rent control.
• 16:46
  SPEAKER_02: So it's a little more lenient on the rules.
• 16:47
  SPEAKER_02: So kind of like an important thing to know.
• 16:49
  SPEAKER_02: But um, okay, that's that's great.
• 16:51
  SPEAKER_01: Yeah.
• 16:51
  SPEAKER_01: All right, just some highlights that we just went over.
• 16:54
  SPEAKER_01: Um, as we talked a lot about, Belmont Shores.
• 16:56
  SPEAKER_01: So Belmont Shores gonna be your highest value, um, highest price per square foot, and the slowest moving in the market for those reasons.
• 17:03
  SPEAKER_01: Just a smaller pool of buyers, and you're just expecting to sit on the market longer because there's just less people that's able to afford Belmont Shores and able to willing to buy Belmont Shores.
• 17:13
  SPEAKER_01: Signal Hill is your fastest moving in the compared to all the other neighborhoods of Long Beach, nine days median on market.
• 17:21
  SPEAKER_01: And so the highest competition is also in Signal Hill.
• 17:24
  SPEAKER_01: So if you're looking to buy a Signal Hill, you may have to jump on it quickly and expect to bid above list price as they may be other buyers who you're competing with.
• 17:34
  SPEAKER_01: The most affordable area is going to be polyhigh.
• 17:37
  SPEAKER_01: And so uh just lowest in value, lowest price per square foot.
• 17:41
  SPEAKER_01: And surprisingly, in the past 12 months, we've seen that the most cut closed sales is gonna be in North Long Beach.
• 17:47
  SPEAKER_01: And so looks like inventory is uh concentrated mainly in North Long Beach right now.
• 17:53
  SPEAKER_02: If I'm a buyer and I decide that I that I'm gonna um buy a duplex, uh should I should I be pre-approved before I contact you Ann or like what's the process?
• 18:06
  SPEAKER_01: Uh well I would say if you're considering a duplex, the very first thing to consider is if you're gonna occupy it or if it's gonna be an investment.
• 18:16
  SPEAKER_01: And uh speaking to me before pre-approval, that's perfectly fine too, because I'm going to going to go through that conversation with you and talking about your financing option options.
• 18:26
  SPEAKER_01: So as an owner occupied again, lower down payment requirements, if you're gonna just buy it as an investment, it's gonna be at least a minimum of 25% down payment.
• 18:35
  SPEAKER_01: So uh getting pre-approved for both scenarios can be helpful just to see what that will look like financially, side by side.
• 18:43
  SPEAKER_01: And also if you even have the option to then uh live in a duplex or you're happy to live in where you are today.
• 18:51
  SPEAKER_02: If someone's a parent wants to give them the down payment, that's something that that the lender would would accept?
• 18:59
  SPEAKER_01: Yes.
• 18:59
  SPEAKER_01: So parents can gift uh down payments for duplexes and purchases.
• 19:04
  SPEAKER_02: All right.
• 19:04
  SPEAKER_02: So Ann, thank you for the deep dive on the duplex market.
• 19:09
  SPEAKER_02: You just bought a duplex.
• 19:11
  SPEAKER_02: You have a tenant.
• 19:12
  SPEAKER_02: How's it going?
• 19:13
  SPEAKER_02: Like what have you learned, mistakes that you've done?
• 19:16
  SPEAKER_02: What can you tell us?
• 19:18
  SPEAKER_01: Um, yes, I bought a duplex.
• 19:20
  SPEAKER_01: You know, my situation I'm just very grateful for because my tenant is is perfect.
• 19:25
  SPEAKER_01: And so he pays on time, he pays in full.
• 19:28
  SPEAKER_01: I never know he's there.
• 19:30
  SPEAKER_01: We do share a wall, so it is a side-by-side duplex.
• 19:32
  SPEAKER_01: Um, but I wouldn't trade this for the world mainly because he offsets my mortgage more than the third of my mortgage.
• 19:40
  SPEAKER_01: And so that's significant.
• 19:41
  SPEAKER_01: Yeah.
• 19:42
  SPEAKER_01: And um, my neighborhood that I bought in has high demand for renters.
• 19:46
  SPEAKER_01: And so I'm not quite um at risk of losing um, you know, if he was to leave, losing tenancy, you know, just because he decides to go.
• 19:56
  SPEAKER_01: And so um I I think it's a great move.
• 20:00
  SPEAKER_01: It it helps me feel like I could offset a cost.
• 20:04
  SPEAKER_01: Uh, the highest cost we have every month is our mortgage.
• 20:07
  SPEAKER_01: And he takes care of the place and we're we're in good terms.
• 20:10
  SPEAKER_01: And so it's been really good.
• 20:12
  SPEAKER_02: Has he ever called you with anything that's broken?
• 20:14
  SPEAKER_01: Um, he called me twice.
• 20:15
  SPEAKER_01: One was an HVAC uh problem, uh, mainly because he doesn't run AC or heat normally.
• 20:21
  SPEAKER_01: And um, once he ran it once just to test it out, it kind of like the circuit was way too much.
• 20:27
  SPEAKER_01: It was overloaded because it hasn't been ran in a couple months.
• 20:30
  SPEAKER_01: Um, so I had someone come out and take a look at it.
• 20:33
  SPEAKER_01: And I do manage it myself, so I didn't manage to mention that.
• 20:35
  SPEAKER_01: I don't have a property manager because I really just one tenant and I'm there.
• 20:39
  SPEAKER_01: So I have resources I could just tap into and um have the repair fixed quickly.
• 20:44
  SPEAKER_02: Uh, what's the best way for someone to get a hold of you if they're thinking about listening, if they're thinking about buying, or they're they that they were motivated from this from this video today, from this podcast, and said, you know what, do I qualify?
• 20:58
  SPEAKER_02: By the way, it does it cost anything to get qualified?
• 21:01
  SPEAKER_01: Right.
• 21:01
  SPEAKER_01: No, it doesn't cost anything.
• 21:02
  SPEAKER_01: It's just so they have nothing.
• 21:03
  SPEAKER_01: It's just a conversation, yeah, um, exploratory conversation.
• 21:07
  SPEAKER_01: And so that that way it's best to just know your options, right?
• 21:11
  SPEAKER_01: Do you actually qualify for a certain uh purchase price and uh what areas do you want to live in?
• 21:16
  SPEAKER_01: And what does it look like for you?
• 21:18
  SPEAKER_01: And so having a conversation doesn't hurt.
• 21:21
  SPEAKER_01: And so how would they reach me?
• 21:23
  SPEAKER_01: Yeah.
• 21:23
  SPEAKER_01: Uh that would be through email or through phone.
• 21:26
  SPEAKER_01: So my email is an at sage regroup.com, or my phone number is 562-294-0784.
• 21:33
  SPEAKER_01: And I'll answer both ways.
• 21:36
  SPEAKER_02: Awesome.
• 21:36
  SPEAKER_02: So there you have it, folks.
• 21:38
  SPEAKER_02: Thank you for tuning in.
• 21:39
  SPEAKER_02: Uh, that's your duplex market update.
• 21:41
  SPEAKER_02: Uh, make sure to like, comment, subscribe.
• 21:43
  SPEAKER_02: If you guys like the show, please let us know.
• 21:46
  SPEAKER_02: Uh, we'll continue to bring this great content to you.
• 21:48
  SPEAKER_02: If there's anything that you want us to dive into, like, hey, we like that, but can you do it for my market?
• 21:52
  SPEAKER_02: Of course we can.
• 21:54
  SPEAKER_02: Um, we don't just service Long Beach, uh, the surrounding areas.
• 21:57
  SPEAKER_02: So please feel free to reach out to us until next time.