Just and idea and not sure if this is possible or worth the effort:
Let's say I own a duplex, two one bedroom units. Let's also say that in my market, if one of my units was a condo, it would sell for roughly the balance left on my mortgage. If I were to sell it I would pay off my mortgage and own the remaining unit free and clear.
What are the communities thoughts on something like this? My cashflow would increase, but then again I would have to pay into an HOA to maintain the roof and exterior. Worth it? Even if my after everything profit stays about the same, I would have one unit to manage instead of two (and probably less CapEx to pay for out of pocket).
Do RE Entrepreneurs do this sort of thing?
@Max Tanenbaum - Why would you be required to convert them to condos? Just sell one side of the duplex. Am I missing something?
That being said, I would not sell one side of a duplex. You are going to lose control of your asset if an owner moves in that does not take care of his part of the property.
Account ClosedI didn't know you could sell part of one property that has not been subdivided.
Who would pay property taxes? Water bill (not submetered in philly)? Roof maintenance?
@Max Tanenbaum I'm tracking now - I assumed that each side had an individual parcel ID.
Account ClosedI think you are right in some places but in Philly duplex just means one property with two legally rented units (all utilities separate except water).
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