- Joined
- Oct 4, 2009
- Messages
- 31
I have a great brick bungalow with loft! Property is in the east end of Toronto located at a bus stop that takes you to subway in 5 mins.. It is a bit unique in that it has just been completely renovated (about $170k worth of renos- I think I might have over done it!). I have converted it into 2 legal apartments, one 2 bdrm with a main floor and loft, one with 2 bdrm basement. I have seperated all utilities and legalized the basement apartment which has a seperate entrance. I am a general contractor. All finishes are high end!
Here are the numbers:
1st mortgage is $190k at 3.75% fixed for 5yrs.
$170k in renos presently on misc credit cards and plc`s.
My present mortgage broker (who I may replace in future) has offered to roll renovations into 1st mortgage at same rate 3.75%
=$360k at 3.75% +insur and property tax= $2109/ month.
I think I could sell it for $460k.
Rent; I`m not sure because of lack of new, similar houses in area, but I think I could get $1500+utilities for main floor and $900+utilities for basement.
=2400/ month.
As you can see, the numbers are close approx $300 difference.
I am a new investor and have poured everything I have into this property. I am a conservative investor.
Renovation has taken 5 months and will be complete in a month.
Should I cash in and take the $100k out and show some income for my new real estate corporation to develop credit, or take out equity and keep the property?
Thx for your time, jeff
Here are the numbers:
1st mortgage is $190k at 3.75% fixed for 5yrs.
$170k in renos presently on misc credit cards and plc`s.
My present mortgage broker (who I may replace in future) has offered to roll renovations into 1st mortgage at same rate 3.75%
=$360k at 3.75% +insur and property tax= $2109/ month.
I think I could sell it for $460k.
Rent; I`m not sure because of lack of new, similar houses in area, but I think I could get $1500+utilities for main floor and $900+utilities for basement.
=2400/ month.
As you can see, the numbers are close approx $300 difference.
I am a new investor and have poured everything I have into this property. I am a conservative investor.
Renovation has taken 5 months and will be complete in a month.
Should I cash in and take the $100k out and show some income for my new real estate corporation to develop credit, or take out equity and keep the property?
Thx for your time, jeff