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All Forum Posts by: KIm Butler

KIm Butler has started 1 posts and replied 2 times.

Post: Is this a money pit?

KIm ButlerPosted
  • Homeowner
  • Buffalo, NY
  • Posts 2
  • Votes 0

The repair costs are so high because, unfortunately my husband and I can't do much more than painting. I haven't had a realtor evaluate the house, but similar ones in the neighborhood (without CA, furnaces or new windows like we have) are currently selling for $130K.

The HELOC balance for the house is about 30K.

Post: Is this a money pit?

KIm ButlerPosted
  • Homeowner
  • Buffalo, NY
  • Posts 2
  • Votes 0

I own a 2 family house and live in 1 of the units. There is no mortgage, just a home equity line of credit. We get $8400/yr for 1 apt. so should be $16,800 for 2 units if we move out and buy a single house for ourselves. Current annual costs including equity line pymt are $9,265. The problem is, eventually, we need to invest about $60K to do a new driveway, the rest of the windows, siding, and 2 bathrooms when the plumbing fails (house built in 1915).

Knowing that we need to invest that much more money into the house, is it profitable or a money pit?