Did I just make a bad deal?
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.