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Updated about 8 years ago,
Splitting one property to make two
Hi everyone, I'm looking for advice on splitting my rental property into two parcels. Here's some info to take into consideration. I own two duplexes on one parcel in Massillon, OH that were purchased under a two year land contract deal. My plan is to get a loan after one year and end the land contract (contract states no penalty for early buyout). Each duplex has it's own three car garage and are separated by posts right down the center of the property (between the garages).
I plan on contacting the city of Massillon to ask if I can separate the property right down the middle leaving one duplex and one three car garage on each parcel.
My question then is would this bring the value of my property up since I took one and made it two or am I wasting time and resources to keep the value the same? If you need more details to help answer this please let me know.