Timeline for Should I finance rental property or own outright?
Current License: CC BY-SA 3.0
15 events
| when toggle format | what | by | license | comment | |
|---|---|---|---|---|---|
| Oct 23, 2014 at 19:57 | history | edited | Dunk | CC BY-SA 3.0 |
added 891 characters in body
|
| Oct 20, 2014 at 12:39 | comment | added | keshlam | Note that this question is roughly equivalent to "Should I get a business loan, or should I make the investment to start my business out of my savings" -- and the answer is tied to what kinds of risk you can afford and/or prefer. | |
| Aug 25, 2012 at 3:26 | answer | added | Hao Kung | timeline score: -1 | |
| Aug 14, 2012 at 0:23 | review | Close votes | |||
| Aug 28, 2012 at 3:04 | |||||
| Aug 2, 2012 at 19:23 | comment | added | Dunk | @Everyone:I thought this was going to get some fairly simple answers with a few things I didn't think of. But it seems to be more complicated than I expected, so I will certainly be arranging an accountant visit earlier rather than later and I'll let people know what I found. | |
| Aug 2, 2012 at 19:20 | comment | added | Dunk | @littleadv: we already bought landlord's insurance, which is twice that of regular homeowner's insurance:( | |
| Aug 2, 2012 at 19:00 | comment | added | Dunk | @Dilip:I never intended to rent the house nor have it become a business. However, due to a large number of foreclosures in the area the amount I could sell the house for is artifically deflated, because they include foreclosure comparables in the value of the house. It turns out that I could collect in rent the same as I could sell the house for in only about 7 years. So it doesn't make sense to sell at such an artificially deflated price. Thus, the only viable option is to rent out the house and hope the market recovers. | |
| Aug 2, 2012 at 4:35 | history | tweeted | twitter.com/#!/StackFinance/status/230884426303823872 | ||
| Aug 2, 2012 at 2:01 | history | edited | JTP - Apologise to Monica♦ |
edited tags
|
|
| Aug 1, 2012 at 23:23 | comment | added | MrChrister | This is a good question and shouldn't be closed. Refine the question and answer it. This is a good question because it is a difficult subject, and the experts here can help refine the issues so seeking out an accountant is more productive. This question should spawn many more. | |
| Aug 1, 2012 at 21:16 | answer | added | Steven | timeline score: 5 | |
| Aug 1, 2012 at 21:02 | comment | added | JTP - Apologise to Monica♦ | If after expenses, the profit is "sizeable" isn't that a good thing? Better than the opposite. | |
| Aug 1, 2012 at 19:03 | comment | added | littleadv | Talk to tax person before you do anything. Very hard to change what's done. tax person is not a magician, he can only help you describe what you've done to the tax authorities. Also, talk to a lawyer and an insurance agent. | |
| Aug 1, 2012 at 18:27 | comment | added | Dilip Sarwate | Your questions invite the inference that you are not prepared at all to enter into the business of being a landlord. I strongly recommend reading a couple of books, hiring an accountant (to help you understand the cash flow and tax aspects of the rental business) and a lawyer (for drafting leases, rental agreements etc) first before renting anything to anybody. Waiting until tax time is far too late to be doing this. Also, I am voting to close this question as far too broad to be answerable properly in this forum. | |
| Aug 1, 2012 at 18:14 | history | asked | Dunk | CC BY-SA 3.0 |