retire to nature
Recycles dryer sheets
- Joined
- Aug 10, 2018
- Messages
- 383
Hi All,
I have been enjoying my semi-retirement but I have one vacant single family house to decide i would sell or rent again.
This house property tax was only 1800, but rent was $1525+40(pet rent for two cats)
so it has good cap rate, i wish they would stay longer but they had to relocate due to job loss here.
having met realtors. saying 140k to 170k range if i sell. but need to replace the whole roofing and repaint, some possible landscaping.
I didnt wanted to get any headache first and sell as is, but it is not so good area, i would not get much. my step up basis was 140k, so if i sell at 140k i lose all the agent fee etc. and it will short term gain for 10% if there is any gain.
so I am deciding to replace the roof and get depreciation etc and keep renting. but my concern is house market go down. that area is not so good. my sister bought it from HUD, so tax benefit is really good. and i did step up basis with this house. when she fixed up, she aimed to rent, so interior is not so fancy. but i can make good value for livable space.
so thinking fix things and selling and renting advertisement together. if i can't get any buyer for the asking price i would like to get, i would keep renting. But afraid to keep working. I want total FIRE asap. realtor suggestion is keep renting with property manager. I can consider that, but she is some lack of FIRE concept, she is all aiming to more money forever.
What do you think? and is it possible to both way together? i remember my sister did one house like that.
I have been thinking to get rid of all house soon too and concerns the house market get cool or even crash due to the death from covid.
my asset is 37x more than annual expense. but based on what and where i live. if i decide to buy expensive house or live in S. korea etc, could be different. I live a small single family house suburb STL
I have been enjoying my semi-retirement but I have one vacant single family house to decide i would sell or rent again.
This house property tax was only 1800, but rent was $1525+40(pet rent for two cats)
so it has good cap rate, i wish they would stay longer but they had to relocate due to job loss here.
having met realtors. saying 140k to 170k range if i sell. but need to replace the whole roofing and repaint, some possible landscaping.
I didnt wanted to get any headache first and sell as is, but it is not so good area, i would not get much. my step up basis was 140k, so if i sell at 140k i lose all the agent fee etc. and it will short term gain for 10% if there is any gain.
so I am deciding to replace the roof and get depreciation etc and keep renting. but my concern is house market go down. that area is not so good. my sister bought it from HUD, so tax benefit is really good. and i did step up basis with this house. when she fixed up, she aimed to rent, so interior is not so fancy. but i can make good value for livable space.
so thinking fix things and selling and renting advertisement together. if i can't get any buyer for the asking price i would like to get, i would keep renting. But afraid to keep working. I want total FIRE asap. realtor suggestion is keep renting with property manager. I can consider that, but she is some lack of FIRE concept, she is all aiming to more money forever.
What do you think? and is it possible to both way together? i remember my sister did one house like that.
I have been thinking to get rid of all house soon too and concerns the house market get cool or even crash due to the death from covid.
my asset is 37x more than annual expense. but based on what and where i live. if i decide to buy expensive house or live in S. korea etc, could be different. I live a small single family house suburb STL
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