Follow 1,107 comments Followed by 6 Following 0 Ignored by 1 Ignoring 0 Ignore E-man
Registered Nov 09, 2009
E-man's most recent comments:
- On Sun, 10 Jan 2016, 8:39pm PST
Keep or sell rental property this spring,
House is older in questionable neighborhood.
I'd sell for this reason. Otherwise, I would consider hanging onto it for the following reasons:
Option 1: Sell at $220k and net about $90k profit. Tax liability is about $30k after factored in 15% long-term capital gains, 10% state tax and 25% depreciation recapture. You walk away with about $80k.
Option 2: Do a cash-out refinance at 75% LTV. You walk away with about $67k after fees and closing costs. Your cash-flow is close to neutral, but someone is buying you a house.
The delta is $13k between the two options. If you don't see yourself as a long distance landlord and given the fact that the house is in a questionable neighborhood, I'm a seller. Also, the market is approaching the top and your rental is in a tertiary market, which tends to take the biggest hit during a recession.
Best of luck with your decision!
- On Fri, 25 Dec 2015, 8:59am PST
annual xmas wishes,
Merry Christmas! Long time no talk. How's everything going?
- On Fri, 25 Dec 2015, 8:50am PST
Wishing all a Very Merry Christmas,
Merry Christmas to you and your family folks! May this Christmas be merrier than your last.