Blue Poles
Recycles dryer sheets
- Joined
- May 14, 2022
- Messages
- 50
Good stuff, All. Thank you.
The reason I am keeping the rentals is that they were bought with cash mostly from foreclosures - bottom of the market - are worth 3X now with significant income. Also, I have two kids - good way to transfer at stepped up basis. Sure, benefits them, but I don't need the money. Am I thinking about this wrong?
You just went through settling an estate that held real property, so I am sure you are aware of the hassles involved. Now add in rental properties to the mix, and you have an idea of the challenges presented to whoever settles your estate. So anything you can do to make it easier for them, without putting you in financial difficulty, is a nice thing to do. It doesn't necessarily need to be paid off mortgages - a file with all the information for each property would be useful (purchase price, income and property tax information, copies of rental agreements or leases, tenant information, repair records and invoice, insurance information, etc.). I recently had to deal with this and had to figure it out for myself, this sort of file would have been nice to have.