Hi! I’m new at this and would like some help. I am a little confused!!
I have inherited a $210,000 share with 2 siblings in house worth approx. $650,000.
Do I vote to sell this house and use my $210,000 share to pay out my own house. If I do that, I could use the equity to buy other properties with interest only loans. OR
Do I vote to keep the inherited house with the other 2 siblings for capital gain. The house is in a very good location in a capital city.
Any thoughts or ideas on what I should do would be very much appreciated.
Thanks.
You need to talk to an accountant to find out how much you will actually get from a sale once you calculate agents fees, advertising, taxes etc. There is a lot to be said for long term real estate investment, because whenever you buy and sell you lose a fair amount of equity. However, I would caution against holding in a threesome without written rules as to how you will decide what to do with the property in the future. What if you want to sell urgently and they tell you no, just to buy you out at a cheap price.
If you have the resources, why not buy the others out: the rent would pay most of your mortgage.
Go and see a mortgage broker and see what you can borrow. It really depends on your personal situation.
[biggrin]Look on the bright side
if it were me I would dump it – a tax free sale after all… doesn’t get any better
http://www.megapropertygroup.comINVESTMENT SALES * RENTAL SOLUTIONS * STRATA MANAGEMENT
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