Does Buying A Duplex Make Sense?

Buying a Duplex Can Be Your Best Choice

You are going to buy a house. There are so many home buying options available. Have you considered an option that pays you?

A duplex is a simple arrangement – two houses in one structure. You can live in one side and rent out the other, or, rent out both sides. But, why would you want to do that.

Duplex living is not for everyone, but it is for those who are interested in the following benefits:

  • Rent pays a good part of the mortgage
  • Tax benefits are available for the rental portion of the duplex
  • You can get FHA financing for a duplex
  • You may be able to use the Home Buyers Tax Credit if you qualify otherwise up to the full $8,000.

Simply, if you live in one unit and rent the other, a good portion of the cost is paid by your tenant. In addition, you can deduct from your income tax, rental expenses, finance costs, property taxes, and depreciation even if you otherwise would not be able to itemize expenses. Your tax advisor can tell you more.


Call Lynn Byrne at 386-566-7503 to discuss the Ormond Beach Florida Duplexes we have available. We can guide you to very nice units that rent well.

Treasury Reports on Loan Modifications – Dismal Results

Treasury Department Reports 4.3% of Loan Modifications Made Permanent

The Treasury Department Making Home Affordable (HAMP) report for November 2009 shows that of 1,032,827 invitations from lenders to modify mortgages, only 31,382 have been made permanent.

The numbers show that the program has been mostly ineffective and its impact on stemming the tide of foreclosures minimal. We tend to look at the program as interesting, but not really important to the Daytona Beach real estate market.

The are a lot of distressed properties in Ormond Beach and Daytona Beach. Well over 1/2 of all sales in our area are foreclosed properties or short sales. Many people are getting great deals. However, not all sales are of distressed properties and not all good deals come from buying a distressed properties. There are well priced properties on the market and we have duplex multi-family units that are in that category.

Buying an Ormond Beach duplex can make a lot of sense both from the investment standpoint and from the quality of your life. Our properties are located just minutes from the beach in a nice quiet section of Ormond Beach in Ellinor Village. Check out the advantages of owning a duplex at Does Buying A Duplex Make Sense?

Florida Real Estate Sales Watch

Real Estate Sales in Florida Up 45% in October

Existing home sales in Florida where up 45% over last October. Real Estate Owned (REO) and short sales accounted for about 55% of all Florida sales in September.

Median price declines slowed for the fifth month in a row in September. Prices in Miami rose slightly in September while prices in Tampa fell slightly.

Pricing across the state seems to be stabilizing and that good news for sellers, but what about buyers? Well, there’s no doubt that it’s still a buyers market in Florida and the Daytona Beach area market. There are over 4500 residential properties on the market. Foreclosures are not close to going away and short sales, in an attempt to stop foreclosures are very active. But…

We know that prices will eventually start rising again. While we doubt there will be any quick price acceleration, it signals the beginning of the end. We don’t know if we have hit price bottom, but we believe we’re close. If you are serious about long-term real estate investment, now may be the time to consider the advantages of owning a duplex.

Check out more information at Daytona Beach Investment Property.

Can I Use an FHA Loan To Buy a Duplex?

FHA Loans For Duplexes

A large percentage of mortgages being written in this market are FHA loans. Duplexes and triplexes, where you live in one of the units, are eligible for FHA loans. If you’re not going to live in one of the units, then FHA financing is not available to you.

A great thing about FHA loans is that they are low down payment loans. The FHA will loan up to 96.5% of the value of a duplex. Also, the FHA will allow gifts from parents, relatives, a documented fried, or employer to cover the down payment.

Considering the difficulty in getting a conventional loan and the requirements for down payments of at least 20% in many cases, an FHA loan may be a viable option for you. In addition, if you buy a duplex, and qualify for the current home buyers tax credit, you can get the tax deduction on one-half the sales price of the property. See out article First Time Home Buyers $8,000 Credit for more information.

The FHA doesn not consider credit scores when making loans. They are looking for the ability to pay the loan. People who are currently under Chapter 11 banruptcy may also be able to purchase of duplex under FHA rules.

Another option may be a VA loan (as long as you live in one of the units). Don’t forget that this loan is not a one-time loan. It can be used multiple times. The down payment requirements are lower for VA loans as well.

So there are multiple options available for purchasing Daytona Beach duplexes. Don’t let financing be a roadblock.

Ellinor Village – A Bit of History

Ellinor Village – A Bit of History

You wouldn’t know it today, but the largest family resort in Florida in the 1940s and 1950s was right here in Ormond Beach. Merrill Ellinor with his brother Byron built 660 “cottages” and apartments in Ormond Beach in the 40s. Elinor Village resort opened on May 1, 1949 with triplexes, duplexes and single family units for rent.

The resort was a real family destination with plenty of activities for kids and adults alike. Then in 1951, Merrill Ellinor purchased what is today the golf course at Oceanside Country Club. The golf course was orginally part of the Ormond Hotel. He renamed the course the Ellinor Village Country Club. 1962, the club was sold to the new Oceanside Country Club Corporation.

Today the Ormond Hotel is gone. The Ormond Heritage condominiums now sit on the site. The original cupola from the hotel sits in  a riverside park across from the condos. However, the legacy of Ellinor Village remains. The history of Ellinor Village is rich and the duplexes and triplexes that the Ellinor’s built have been modernized and renovated into beautiful homes and rental units. The properties were built rock solid with construction that just can’t be duplicated today.

Interested in Owning a Piece of Ellinor Village?

We have several Ormond Beach duplexes available in Ellinor Village. Call Lynn Byrne at 386-566-7503 to find out more.

Ormond Beach – Small Town Charm

Ormond Beach – Small Town Charm

We’ve partial to Ormond Beach. It’s our home and we’ve been doing business here for decades. Others appreciate small town charm too. Jay Clarke recently published an article on six Florida small towns with charm. You can see the article at Small-town charms: A half-dozen places that may steal your heart.

Mr. Clarke mentions driving on the beach and the annual Birthplace of Speed festival at Thankgiving time. He also mentions the 22-mile scenic canopy Loop Drive which is unique to Ormond Beach. The loop can be accessed by turning right when going over the Ormond Beach Bridge from the beach. You’ll see why it’s called the canopy pretty quickly as the trees join together from either side of the road to form the canopy. Head north from the bridge and enjoy.

Of course, year-round residents can enjoy the sights in Ormond Beach anytime. Although it’s warm through most of the year, the winter sun is much different from the summer sun, but each offers unique views of the local ocean, waterways and scenery.

If you’re interested in talking about Ormond Beach duplexes and living in the area, give Lynn Byrne at call at 386-566-7503. We offer nice multi-family Daytona Beach home options you may not have considered.

Ormond Beach – Birthplace of Speed

Ormond Beach – Birthplace of Speed

Stanley Rocket’s 1906 Land Speed Record Under Challenge

Does the name Fred Marriott mean anything to you. Well in 1906, Mr. Marriott set a land speed record right here on the sands of Ormond Beach. He drove a steam driven car, The Stanley Rocket, 127 miles per hour on the beach. That record for a steam driven car still stands today, 103 years later, but is under serious challenge in the Arizona Desert.

Daytona Beach is known as the home of speed, but Ormond Beach is the Birthplace of Speed. The forerunner of today’s NASCAR races were conducted on the flat white sands of Ormond Beach before they moved south to Daytona. Names like Olds and Stanley were regulars on the beach in Ormond.

In the Arizona desert near Edwards Air Force Base, the land steam record is under assault from a British team. The BBC reports that their initial efforts have failed due to technical problems. The British team reports that they beat the record in testing last Saturday, but test results are unofficial, so the record still stands. They will probably keep trying until they break the record, but we’re kind of hoping that old Fred Marriott and the Stanley Rocket somehow manage to hold on to the record.

Ormond Beach has a interesting history including residents like John D. Rockefellor. Winter visitors to Ormond Beach included the Duke of Windsor, Thomas Edison and Henry Ford. There is a reason that these people, who could afford to winter anywhere in the world, choose Ormond Beach. But, many people have chosen to buy Ormond Beach homes for their full-time residence. It may be worth talking about. Give Lynn Byrne a call at 386-566-7503 to talk about homes in Ormond Beach and Ormond Beach duplexes.

Why Live in Ormond Beach?

Why Live in Ormond Beach?

Great weather, brilliant sunshine, ocean breezes, food, shopping, golf, surfing, swimming, sun bathing, and … Ormond Beach, Florida has so much to offer in a less hurried, less crowded way. Over the past 15 years, 57% of all new homes have been built in the south, with Aziona, Texas and Florida with the most new building – and Florida lead the way.

Now if you enjoy crowds and traffic and congestion then south Florida or the Gulf coast may be more to your liking. But – if you like a more relaxed and comfortable lifestyle, then you need to check out Ormond Beach. Now, we do have our events like Bike Week, Biketoberfest, Spring Break and Race Weeks that bring in crowds for short periods, but most of the year is without big crowds. It’s very unusual to wait through more than one traffic signal.

We’re located on the Atlantic coast of Florida about 90 miles south  of Jacksonville and just north of Daytona Beach. Ormond Beach beachside and the mainland are separated by the Halifax River. The beachside includes low-rise condo buildings, single-family homes and multi-family homes. The mainland is mostly single-family homes and developments including planned and gated communities. Seabreeze High School is located in Ormond Beach on the beachside and most students in Ormond Beach go to high school here.

Hundreds of restaurants are open for all kinds of dining in Ormond Beach and nearby Daytona Beach. Shopping is plentiful and never more than a few minutes away. Orlando and its attractions are about an hour away.

But, the main attraction for Ormond Beach is the miles of white sand beaches and the wonderful ocean breezes. Walk on the beach, fish or enjoy a meal or drinks on the beach. It’s so hard to describe, but so easy to enjoy. Come and see for yourself.

We offer a lower cost alternative to beachside living in Ormond Beach. Our Ormond Beach duplexes, with two units, make living on the beach surprisingly affordable. Give us a call at 386-566-7503 to find out more.

First Time Home Buyers $8,000 Credit

First Time Home Buyers $8,000 Credit

Up to $8,000 is available for first time home buyers. You can get a credit of 10% of the purchase price of a home. Now, if you’re purchasing a duplex to live in one half, you can take advantage of the credit against 1/2 of the purchase price. For instance, if you purchased a duplex in Ormond Beach for $160,000 and moved into one unit, you could take the full $8,000 credit against $80,000 ($160,000 / 2 = $80,000).

December 1st will signal the end of a great deal for first time home buyers. Even better, you don’t need to be a first time home buyer to take advantage of the credit. If you haven’t owned a home in three years or more, you’re eligible. This credit is significant because if can be used to reduce your taxes, but if your taxes are less than $8,000, you will get a credit for the difference. Yes, you get a payout. This hasn’t always been the case with other credits.

There are some conditions in eligibility for the tax credit:

  • If you’re single, the credit starts reducing at Modified Adjusted Gross Income (MAGI) over $75,000
  • If you’re married, the credit starts reducing at a MAGI over $150,000.
  • MAGI is Adjusted Gross Income with certain deductions, such as student loan deductions, IRA contributions, and foreign deductions added back in.

With prices having fallen over the past few years, and interest rates low, this tax credit makes buying now even more attractive. If you are considering buying an Ormond Beach or Daytona Beach home and are eligible for this credit, act before the credit expires on December 1st. You must buy before or on that date.

For more information, call Lynn Byrne at 386-566-7503.

Beachside Duplex Living

Beachside Duplex Living

Many people dream of living in a beachside community. Wonderful sea breeze, walks on the beach, sunbathing, dining at a beachside restaurant are all part of living near the beach. In Ormond Beach and Daytona Beach we have the added pleasure of year-round bright sunshine.

Just a few years ago living on the beach was beyond the means of many people. Prices began rising in 2000 and went through the roof over the next five years. I was common for small homes on the beach to double and sometimes even triple in price. It’s not surprising. Homes in the Daytona Beach area were rising fast and homes on the beach were rising faster. Hey, the beach is more desirable for a lot of people.

Well, that was then and this is now. No one can say for sure that this is a once in a lifetime opportunity to buy beach community homes at low prices. What we do know is that prices are great for buyers now.

You can get even more value if you consider a multi-family home or duplex. We have Ormond Beach duplexes available that drive the price of ownership well below what a single-family home would cost. The math is pretty simple – two duplex units are less expensive than two single-family homes. When you rent out one unit you can cover a lot of the cost of living in both units and renting on the beachside is much easier that on the mainland.

Give Lynn Byrne a call at 386-566-7503 to discuss what’s available and how you can benefit.

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