Hi,
We have a duplex in Red Deer with 3 bedrooms up and undeveloped basement. My partner wants to sell the property. I want to keep it. Please advise us of some options. Here are the details:
3 Bedroom, 1.5 bath Duplex in Red Deer, Basement undeveloped
Market Value = $225,000 (according to appraiser)
Mortgage Bal = $170,000
Monthly Expense = $ 1100 (mortgage + tax, tenant pays the rest)
Income = $ 950 (rent)
We have a 50%/50% ownership with this. I can come out positive cashflow if I raise the rent or develop a basement suite. I can also buy out my partner. However, I don`t really have the cash to do that right now.
What options do you see in my deal ?
Is it a good hold property for me ?
Should I sell ? at this buyers market ?
Please advise.
Dexter
Fork in the road to Belize
We have a duplex in Red Deer with 3 bedrooms up and undeveloped basement. My partner wants to sell the property. I want to keep it. Please advise us of some options. Here are the details:
3 Bedroom, 1.5 bath Duplex in Red Deer, Basement undeveloped
Market Value = $225,000 (according to appraiser)
Mortgage Bal = $170,000
Monthly Expense = $ 1100 (mortgage + tax, tenant pays the rest)
Income = $ 950 (rent)
We have a 50%/50% ownership with this. I can come out positive cashflow if I raise the rent or develop a basement suite. I can also buy out my partner. However, I don`t really have the cash to do that right now.
What options do you see in my deal ?
Is it a good hold property for me ?
Should I sell ? at this buyers market ?
Please advise.
Dexter
Fork in the road to Belize