kimbalee
Well-Known Member
- Joined
- Sep 27, 2013
- Messages
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REAL ESTATE ADVICE
I know from the threads there are many landlords, investors, homeowners, lenders, realtors etc. on RDP. I need advice plz.
Scenario: we have a half acre horse property rental house in Sky Country, Jurupa Valley. Renter pays $2050/mo. We bought it for $230k, owe ~ $100k on it. Could sell it for $500k. We are looking to get out of Cali in 2-3yrs when kid is done with college. Looking at northern NV (for retirement tax reasons).
Dilemma: We don’t want to pay the ridiculous Capital Gains tax on it. Not going to move into it for 2 years so my question is what do we do? Someone suggested now is a good time to pull ALL the equity out of it and so when we do go to sell it there won’t be very much equity left to tax on it bc the profit won’t be significant. Will probably pay off moho, some college costs and start looking for property in NV (not ready or prepared to do the 1031 exchange in 60 days or whatever it is).
What does the brain trust recommend?
I know from the threads there are many landlords, investors, homeowners, lenders, realtors etc. on RDP. I need advice plz.
Scenario: we have a half acre horse property rental house in Sky Country, Jurupa Valley. Renter pays $2050/mo. We bought it for $230k, owe ~ $100k on it. Could sell it for $500k. We are looking to get out of Cali in 2-3yrs when kid is done with college. Looking at northern NV (for retirement tax reasons).
Dilemma: We don’t want to pay the ridiculous Capital Gains tax on it. Not going to move into it for 2 years so my question is what do we do? Someone suggested now is a good time to pull ALL the equity out of it and so when we do go to sell it there won’t be very much equity left to tax on it bc the profit won’t be significant. Will probably pay off moho, some college costs and start looking for property in NV (not ready or prepared to do the 1031 exchange in 60 days or whatever it is).
What does the brain trust recommend?