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Advise on Proceeds

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oliver
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Joined:	Thu Feb 7th, 2008
Location:	CENTRAL FALLS, Rhode Island USA
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Posted: Thu Feb 7th, 2008 05:34 pm

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I wish that i had an easy answer for u. I presume that u probably already asked yourself, how many headaches do we have to put up with, and which decision is going to be more lucrative, and is it worth the headaches. I would guess that since the dollar is shrinking and is going to continue that way, i would pay off the house so long as u have enough income for what u need. i think right now property is best to hold onto instead of the money. Unless u can invest it another way and beat inflation, or there is another situation that i'm not aware of.

I never bought or sold a house b4. After I got married I inherited a tenement and its morgage from my wife. I know that we have to advertise in order to sell it unless of course someone wants to buy it beforehand

if u don't mind could u tell me what is exactly involved once the seller finds a buyer, is it manditory that some sort of an official has to be present at the actual transfer of a deed of a property besides only the seller (owner) and the the buyer? Or is it simpler than that? In other words who and what are needed to execute a legal deal?

vic
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Joined:	Sun Mar 26th, 2006
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Posted: Sun Dec 31st, 2006 11:15 pm

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Mortgage interest lowers your taxable rental income. You can also consider a private annuity trust if the proceeds are considerable and you want to defer taxes for retirement. However, the decision depends on your personal situation, tax bracket, age, anticipated future income, interest rate of the rentals etc., so there is no clear cut answer to this. You may want to consult a financial planner and tax consultant if you need some help

Vicky

Last edited on Mon Jan 1st, 2007 01:41 pm by vic

dgogette
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Joined:	Fri Dec 29th, 2006
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Posted: Fri Dec 29th, 2006 04:16 pm

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We just sold house #1 this past week. We currently have two other homes that still have mortgages. My question is: What would be the most advantageous to us as to the proceeds of the first home. We have enough to pay off the entire mortgage of one of homes, but would that be a wise thing to do?

Any advise or ideas?

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