Posted by roalndo on June 04, 2006 at 17:05:10:
a fool and his money is soon parted.
What’s your opinion? - Posted by Gary
Posted by Gary on May 31, 2006 at 23:09:20:
I have 2 land home properties presently that I am weighing pros and cons of a sale versus renting.
#1. Good rental area,is renting for $775. for 2000,28x40,AC,3/2,foundation,patio,one car garage. I put all on the lot new in 2001 so would be long term capital gain. Also has a 2 car block garage at rear of lot with it’s own electric renting for $110. I have low $60’s in this, bank appraised at $93,000 in 2001 and my return is not able to be calculated,as I pulled all cash out when I completed. Have not had much repair other than a few doorknobs and a garbage diposal but unit is now 6 years old and have I pushed my luck with 2 good tenants in 5 years?
#2. 1988,24x40,AC,3/1,no foundation,one car garage, big deck built in 2003. Sold for $75,000 in 2003,can’t believe bank did that mortgage,I bought for $24,000,put a few thousand in repairs,plus hired partime help and my labor. Advertised as FSBO at $65,000, had 2 contracts, both buyers falling out. It sets on a country lot that I am now considering renting like a park lot and RTOing the home,garage,and deck,giving the party first right to buy the land after the contract is complete and when I wish to sell. Title was turned to real estate but can be returned to chattel property if I can aquire title info. I have a lead on getting info from PFS plates on each section but so far haven’t received a reply. Long term capital gain should apply and I would think interest would be high.
Any ideas?