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Every Thing Else Board
Rental House
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<blockquote data-quote="mitchwi" data-source="post: 133580" data-attributes="member: 2063"><p>As long as you are close by, the rental option would be my choice also. Excellent way to "write-off" a good portion of the purchase price thru depreciation of the house and improvements, because in most instances, the land that you want is the less expensive part. As long as the land is appraised at "farm value" vs "development value". </p><p>Weigh your options...especially the $$ side. If your getting the $$ from the bank, remember they will only allow 75% of the potential rent income to be considered for income to you, they keep back the other 25% for repairs/maintenance/upkeep. The real estate taxes and insurance is on top of that. Some "investor" types might want you to look at the "cash flow" side of things, and also might say you should be getting a return on investment after 8 years. I say, if that return doesn't happen for longer, if it sits right with you, then thats ok, because perhaps (as in your case) it is not all about the money, there is many long-term benefits outside of the dollar.</p></blockquote><p></p>
[QUOTE="mitchwi, post: 133580, member: 2063"] As long as you are close by, the rental option would be my choice also. Excellent way to "write-off" a good portion of the purchase price thru depreciation of the house and improvements, because in most instances, the land that you want is the less expensive part. As long as the land is appraised at "farm value" vs "development value". Weigh your options...especially the $$ side. If your getting the $$ from the bank, remember they will only allow 75% of the potential rent income to be considered for income to you, they keep back the other 25% for repairs/maintenance/upkeep. The real estate taxes and insurance is on top of that. Some "investor" types might want you to look at the "cash flow" side of things, and also might say you should be getting a return on investment after 8 years. I say, if that return doesn't happen for longer, if it sits right with you, then thats ok, because perhaps (as in your case) it is not all about the money, there is many long-term benefits outside of the dollar. [/QUOTE]
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