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Updated over 5 years ago on . Most recent reply

User Stats

14
Posts
7
Votes
Isaac D.
  • Investor
  • Boston, MA
7
Votes |
14
Posts

Did I just make a bad deal?

Isaac D.
  • Investor
  • Boston, MA
Posted

I bought a two family to house hack 6 years ago for 335k. I plan to sell the smaller apt. two weeks from now for 380k. Did I just make money, lose money, or just shuffle it around? It’s too late now, but now that I’m at the end of this I’m still not sure whether it was a good deal or not.

Here are the numbers

Tenant rent $1800

-30 year mortgage w/ soft 2nd piggy back loan $1550 this includes taxes

-Would go up to $1700 in 4 years when 2nd loan stopped being soft (interest only)

-Amount owed on loan $280k

House exterior and garden space is in excellent condition but the tenant unit is dated and will likely need a new boiler, kitchen, and bathroom in the next 5-10yrs.

I plan to pay off the balance of the mortgage and erase my college/credit card/home improvement loan debt. Inside repairs will now be the person who owns downstair’s sole responsibility and we would share the common/exterior space costs in a 60/40% split. I’ll now have just a monthly condo fee and taxes.

Also capital gain tax cause I never lived in it.

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