Msg ID:
2788449 |
Interest rates +0/-2
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Author:Pepe Lepew
7/20/2023 1:42:26 AM
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I have a house with a 2.25% mortgage, about $95K balance. I could probably clear $50K if I sold it after a new roof, paint and flooring. That's my plan but the Irish in me pains to see the lender get relief. I can sit it empty for a while as my nut is only $700 with utilities. I really don't want to be a landlord either. Any ideas? Oh. yeah. helicopter. |
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Msg ID:
2788450 |
Interest rates (NT) +0/-0
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Author:JJJ
7/20/2023 2:54:22 AM
Reply to: 2788449
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Msg ID:
2788451 |
Interest rates +1/-2
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Author:JoJ
7/20/2023 2:55:47 AM
Reply to: 2788449
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What does this have to do with Helicopters? Go to "Losers.com"! |
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Msg ID:
2788452 |
Interest rates +0/-0
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Author:if you don't have 95k
7/20/2023 3:34:11 AM
Reply to: 2788449
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in cash sitting liquid in at least 2 banks RN you are way way way behind the curve bro. Pay that mess off and quit giving away money to the banks..... |
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Msg ID:
2788461 |
Interest rates +1/-0
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Author:Slummy the lord
7/20/2023 10:33:36 AM
Reply to: 2788449
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Do the repairs, hire a management company. Only accept very highly qualified renters with a very tight lease. No criminal, record, same job for 5 years or more, etc.
I never hear anything about my rentals except when when the deposit comes in on the 5th.
Meantime I do my helicopter job until retirement with 4 paid off houses to keep or sell if interest comes back down. |
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Msg ID:
2788463 |
Interest rates +0/-1
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Author:OP
7/20/2023 10:51:06 AM
Reply to: 2788461
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Thanks for the reply, but I was wondering if anybody had a creative way to leverage the interest rate arbitrage.
Really don't want to be a landlord. |
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Msg ID:
2788468 |
Well +1/-1
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Author:Let's think about it
7/20/2023 1:19:16 PM
Reply to: 2788463
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You've got a great rate on your mortgage, but your equity is tied up in the house. You should have opened up a HELOC when rates were low if you were looking to tap into that equity, you've missed the boat on that one.
You've got a house that's costing you very little to own. Seems to me like your options are:
1. Live in it since it's cheap, invest your extra money.
2. Rent it, whether long term or short term rentals. Get a property management company if you don't want the hassle of being a landlord. You're still cutting checks for when things break though.
3. You don't want to be a landlord, so just cut bait and sell it and do what you want with the money.
My thoughts: You don't want to be a landlord, so don't. Sell the house and take the win. |
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Msg ID:
2788473 |
Well +4/-0
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Author:my bad advice
7/20/2023 1:34:17 PM
Reply to: 2788468
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What nobody seems to realize is if you sell the house and don't put it in another one, you will owe taxes. You can take the equity and put it in another house but your next place is going to be a helluva lot more for the same thing. All equity will be gone. Stay in the house. |
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Msg ID:
2788482 |
When the value of the dollar goes to +1/-1
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Author:zeroRetired
7/20/2023 2:54:45 PM
Reply to: 2788473
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Will you still owe $95K ? You damn sure, don't want to be holding cash when the music stops or when they demand you exchange your cash for universal digital coins. |
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Msg ID:
2788483 |
When the value of the dollar goes to +1/-2
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Author:now the conspiracy nut job
7/20/2023 2:57:14 PM
Reply to: 2788482
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chimes in. you should sell your house, buy gold and live in a cave and wait for the end. |
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Msg ID:
2788511 |
When the global principal reserve currency +0/-0
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Author:Goes to zero
7/21/2023 12:21:24 AM
Reply to: 2788482
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We're all gonna have bigger problems than what we're invested in. But hey, it's your money do whatcha want with it. |
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Msg ID:
2788509 |
Not if it is/was his primary +2/-0
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Author:Upto $250k if single
7/21/2023 12:17:36 AM
Reply to: 2788473
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1. If it was his primary residence he could have $250k over his basis tax free.
2. Even if it wasn't, is it worth the hassle just to avoid what I can only imagine will be long term capital gains taxes? (15%)
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Msg ID:
2788487 |
Well +0/-0
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Author:BTDT
7/20/2023 3:45:51 PM
Reply to: 2788468
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HELOC rates are variable and set according to current interest rates, so it's not like they could have "locked" into say a 4.5% HELOC rate 5 years ago and now tap into their equity at that rate. Just saying...... |
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Msg ID:
2788512 |
Yeah, you're right. (NT) +0/-0
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Author:Fair
7/21/2023 12:25:56 AM
Reply to: 2788487
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Msg ID:
2788490 |
Interest rates +1/-0
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Author:FoolsAndTheirMoney
7/20/2023 5:21:31 PM
Reply to: 2788463
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Uncel Warren says: NEVER sell real property.
It will almost certainly appreciate in value unless it's in a severely declining area, and will almost always be available for leverage or cashout if absolutely necessary in a real financial emergency.
Of course, you're posting here, so you'll probably trade that high value asset for a lifted Dodge truck that will lose value daily... oh well. |
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Msg ID:
2788499 |
Interest rates +1/-0
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Author:Agreed^
7/20/2023 9:59:05 PM
Reply to: 2788461
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Keep it, rent it out but use a management company. |
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Msg ID:
2788501 |
Interest rates +0/-0
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Author:Wow dude
7/20/2023 10:40:56 PM
Reply to: 2788499
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If you owe 95k and will pocket 50k if you sell it is insane to me. Your house is worth 145k in today's market. You can't get a 1000sq ft ranch for less than 400k where I live. But AMC will only give me 10% extra. Wish my wife was from wherever you are. |
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Msg ID:
2788530 |
Interest rates +1/-0
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Author:OP
7/21/2023 10:57:14 AM
Reply to: 2788501
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Thanks for the responses. I was looking for something creative that I hadn't considered (you don't know what you don't know). |
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Msg ID:
2788536 |
Interest rates +0/-0
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Author:what I don't get is
7/21/2023 11:44:00 AM
Reply to: 2788530
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why you would care whether or not a faceless corporation would benefit from your decision. this is how Irish people think? |
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Msg ID:
2788766 |
Interest rates +0/-0
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Author:OP
7/23/2023 11:02:43 PM
Reply to: 2788536
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Yes |
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Msg ID:
2788858 |
Interest rates +0/-0
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Author:Leave
7/24/2023 9:31:25 PM
Reply to: 2788449
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the landlord stuff to a real estate company, rent it, take the write offs and enjoy. Being a landlord is of little concern when others manage it. Being a hands on landlord is beset with problems you probably don't even want to list. |
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