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September 20, 2007
Another "C of O" Question
I would like to refinance my one family home in order to convert my basement (which has been renovated as an apartment) and make it a legal unit which involves hiring an Architect (He quoted me $3K for new plans which I think is reasonable)and DOB filing fees, my question is do you all feel that it is worth the change to a two family? My goal is to rent it out and raise the value of the property but wanted some guidance/opinions, thanks very much,
Comments
extra income is always worth it.
Posted by: guest at September 20, 2007 11:56 AM
with the recent credit crunch, ive experienced lenders hiking up rates if a property is 2-fam vs 1-fam...not sure i understand the logic, but keep it in mind if ur refininacing
Posted by: guest at September 20, 2007 3:46 PM
I have a two family, tenant pays about 65% of my mortgage. It is worth it. warning your insurance will go up. 2nd get paid in cash and do not claim rental income unless you are trying to write off a % of your repair cost.
Posted by: guest at September 20, 2007 3:50 PM
Not sure comments should advise committing federal crimes.
Posted by: guest at September 20, 2007 5:34 PM
Not a federal crime unless you are intentionnally under reporting income by more than 25% include the rental $. Just run the risk of geting fined and charged back-taxes.
Posted by: guest at September 20, 2007 7:45 PM
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