brown_burrito t1_ix1j3kh wrote
I bought our two-family (with a 3 car garage) in Somerville a decade ago.
When interest rates were low, took out a sizable HELOC to do some renovations and then rolled the HELOC and the mortgage into a new loan. Got it all refinanced at 1.875% on a 20 year loan vs. 30 year.
It helped that home values were through the roof because then what’s left on the mortgage is much lower and that lowers your rates.
All in comes to ~$3500/month now.
Think_please t1_ix49101 wrote
Well done, this is the dream. Is it also near the green line? And what do you get for the second apartment?
brown_burrito t1_ix49t9g wrote
It’s near the green line. We use both sides.
Especially with work from home, it really helps having the privacy.
Think_please t1_ix4asvf wrote
Damn, that’s awesome, congrats. Are you there for the duration or do you see yourself using the equity for a down payment somewhere else and renting both sides eventually? I’m curious because I bought a duplex in boston last year and am considering my long-term options.
brown_burrito t1_ix4cyau wrote
Honestly, longer term even if I move I don’t want to sell the property. I feel like I can rent it out and get the mortgage back.
I might use it as collateral to get a second mortgage if we move.
Thankfully, we are financially in a good position (touch wood!) so have the luxury of not being super fussed.
In fact our neighbor just sold and we really considered buying their place and building a new property over both. But wouldn’t have worked out now. I’m hoping in a decade or so that’s an option.
Think_please t1_ix5er9v wrote
Thanks, I feel similarly about selling and hopefully will be in a comparable position in a decade.
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