Careful with tax consequences if you sell. Could be a big hit.

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Apr 8, 2020
8:42:28am

JJCoug Playmaker

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JJCoug

Bio page: JJCoug
Joined: Sep 23, 2003
Last login: Jun 14, 2024
Total posts: 3,430 (0 FO)

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Messages

Author

Time

POLL: If you have had a rental property for enough years, which would you do?

Misteak

4/8/20 8:16am

Are you expecting a real estate crash?

Harbinger

4/8/20 8:20am

No. I just wanted some thoughts as to how to make the most of things.

Misteak

4/8/20 8:53am

Sell it, and take the equity and lever up on a more expensive property, which

Iman23

4/8/20 8:29am

This was another thought I had, should have included it in the poll.

Misteak

4/8/20 8:51am

Or keep it, but borrow against it to pay the 25% down on another property

DC12

4/8/20 8:53am

This is even better if you can, can can be tough if you don't have enough equity

Iman23

4/8/20 8:58am

Are you sure it’s 25% for an income property? I thought it was 20%

Misteak

4/8/20 9:07am

It’s 20%, but you get a better rate at 25%

DC12

4/8/20 9:14am

Some lenders are offering 15% down in a 30/15 loan

TheRealU

4/8/20 9:49am

If you sell, use 1031 or you'll use a lot of gain for income taxes.

grandpacoug

4/8/20 9:05am

Careful with tax consequences if you sell. Could be a big hit.

JJCoug

4/8/20 8:42am

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