Hi Guys! Long time sense I last posted...
Next spring, my wife and I will be retiring to Costa Rica. We own a nice condo that would sell for $200k, or rent for a grand or so a month.
We have been playing with a few ideas of what we want to do with our place, the first option, is to rent it out with the HOA, we would clear around $800 a month. The second option is to sell the condo, and buy a multi-unit property, and rent that out with a property manager. We would have better cash flow, but being a landlord isn't something I'm really keen on doing. Not sure if I'm up for being an out of country landlord at that.
Today, I decided to look up some REIT's. It seems to me, that I could sell the condo and roll 100% of the proceeds to an REIT and then just live off the yield. Less headaches all around, no? What am I missing? Will I have to pay cap gains on the sale? Any way around that?
Next spring, my wife and I will be retiring to Costa Rica. We own a nice condo that would sell for $200k, or rent for a grand or so a month.
We have been playing with a few ideas of what we want to do with our place, the first option, is to rent it out with the HOA, we would clear around $800 a month. The second option is to sell the condo, and buy a multi-unit property, and rent that out with a property manager. We would have better cash flow, but being a landlord isn't something I'm really keen on doing. Not sure if I'm up for being an out of country landlord at that.
Today, I decided to look up some REIT's. It seems to me, that I could sell the condo and roll 100% of the proceeds to an REIT and then just live off the yield. Less headaches all around, no? What am I missing? Will I have to pay cap gains on the sale? Any way around that?