All Forum Posts by: Katy King
Katy King has started 2 posts and replied 3 times.
Help!
Bought a duplex July 2019 for $157,000. Financed new furnaces, a/c, repairs, renovations, etc. Monthly expenses are at $1,900 a month including utilities + the mortgage at $1,100, so about $3000 a month. I have a tenant renting for $1325 a month. Am I better off renting my unit for about $1,200 and then living rent free with family and paying down everything I financed quickly or should I look to sell & make a profit to cover what's financed. We financed a total of about $60,000. I am afraid I won't get even close to a portion of the amount I need for cash out if I refinance. I am in need of help asap!!
@Paul Murch What did you end up doing?
Post: Selling in under 1 year of ownership
- Posts 3
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I just bought my first home July 2018, I currently live in half & have a tenant with a 1 year lease(Sept. 1, 2018-Sept. 1, 2019) in the other half. I am considering selling soon. What are my options? Do I have to own for 6 months? My income bracket is $55,000-60,000 so is up to 250k profit tax free? Bought the home for 155,000 want to resell for about 200,000/225,000. Replaced furnaces, electrical, cosmetic improvements, & added a bedroom to increase value, etc. House is 1990 sq. ft, 2 units: 2/1 & 2/1.