All Forum Posts by: Bob Dole

Sorry. My neighbor is selling because he now has a child and needs more room. He already manages a couple rentals and doesn't have time to handle this. We have a good working relationship and he is reasonable. I think if I at least get an appraisal, I could get a better handle on the numbers.

Hi Brian,

Thanks for the input. That is the dilemma I'm dealing with. I know the numbers don't look great but it is a really high value neighborhood.

I thought of the combined mortgage. Its a really great idea. I think I would have to get them combined as one tax parcel first because my broker says there is no way to get both of them under 1 mortgage. My current rate is 4.25.

Thanks for the numbers. They make alot of sense. Maybe I should move to a single family home. I should have mentioned there is no condo fee. My neighbor and I split the costs of anything that involved the whole building (gutter cleaning, roof repairs, etc.). The whole area is in a major upswing. Several condo and apartments are being built right outside my neighborhood (no space to build in the neighborhood). Across the street a 2 bed/1.5 bath SFH sold for 337,000. I don't have comps for the exact same type but I am thinking of having an appraisal done before I discuss final price with my neighbor. Is that a good idea?

Thanks. I have no idea how to make the 1% rule work in this situation. There is no way the property would ever sell for 220000. Nothing with 2 beds/1 bath has sold for less than 295000 in this neighborhood in the last year. They are mostly duplexes or standalone houses. One 2 bedroom new build sold for $400000! I have no intention of moving. I suppose I could rent my side which has a lower mortgage and live in the new one...

Hello everyone. Thanks for you advice in advance. I own 1/2 of a duplex home (2 bed/2.5 bath) and my neighbor is selling his half (2 bed/1.5 bath). I live in a trendy part of Indianapolis downtown and the rent is projected to be $2000 to 2200. I owe 160,000 on my mortgage (240000 purchase price) and I pay 1325.00 monthly for the last 5 years. My neighbor wants to sell for 300000. I have enough to cover the 20% down. The monthly costs of the mortgage, insurance and interest would be about 1650.00. This, of course, doesn't meet the 1% rule but there alot of intangible benefits in this case. I get to choose or change my neighbor and I would own the whole property including the off street parking. There is no more room to build in this neighborhood and it is a block away from all the restaurants, bars, sports arenas and galleries in Indy. I would like to go for it but I'm afraid of potentially making a mistake from the financial perspective.