Tuesday, April 27, 2010

What advice do you have for the managing of three properties?

Should I give in and hire domestic help for the other house, or should I look at renting it out, even if it causes damage and prevents me from selling for at least two years, as I want to offer a two-year lease? I might offer a chance to break it more easily or for a simple sublet? Should I take care of it myself?





I am quite happy with the cabin but I don't want a burden on my financial portfolio, what with the other condo. There is a two percent property tax I could defer till retirement and possibly till death when the amount is taken off the estate. I could also lease it for two years, then sell and pay the money. However, I am worried about a drop in real estate prices as the base-selling price average is dropping? What should I do? I don't use it that much, it is more of a storage space, but we hardly have room here. I suppose we could have a garage sale, but my wife is a packrat.What advice do you have for the managing of three properties?
=as a CTP, I would recommend renting one out for the tax write offs and would move into the cabin for 2 years and then sell that which will probably be tax free if it is your principal residence for 2 out of 5 years. So move in as you have 2 years to clean out and clean up. Happy Thanksgiving.

No comments:

Post a Comment