 |
Sell or Keep |
| |
 |
I own a paid-off house in Atlanta that I bought in 1993 for $96,000.00. Similar houses now are selling in the mid $300s. About eight months ago, I closed on a condominium that I now live in. ($320k was the cost and I put 20% down with a 30 year note at 5.75%) and I am just finishing renovations on the older house. My question is: should I sell the paid-off house or put it up for rent? |
| |
| |
 |
I know nothing about your age, your financial situation or the like, so there's no way I can say what's the better way for you to go. But I can tell you that being a landlord is real work. It should start with a lot of studying, reading books on the subject. It's easy to get into trouble if you aren't careful. You'd need help from your own CPA and attorney, if you're going to be a real estate investor, which is what you'd be doing. The accountant, for example, can help you calculate whether it's worth keeping the place as a rental.
If you sell before you've been out of the house for three years, you can still use the homesellers tax exclusion on your profit, and take it tax-free. That's one thing to consider, and again, your accountant can help you take that into consideration. |
| |
|
Edith
Originally published on June 20, 2008 |
| |
| |
|
Back to Summary
|
< Previous | Next > |
| |
|
|
