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

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Apr 8, 2020
8:29:58am

Iman23 Intervention Needed

will get you more depreciation (the tax kind, not the value kind), and build more wealth long term.

This message has been modified

Originally posted on Apr 8, 2020 at 8:29:58am

Message modified by Iman23 on Apr 8, 2020 at 8:49:31am

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Iman23

Bio page: Iman23
Joined: Jan 18, 2008
Last login: May 5, 2024
Total posts: 42,607 (2,722 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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