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Refinance Rental Property - Dont Sell It
You own a rental property for years, and never see the "big pay-off." Is it time to cash in on your investment, now that you've paid down the mortgage, and values are up? Maybe not. The Problem With Selling Selling means you'll have to pay a large capital gains tax. This can be avoided if you reinvest through a 1031 exchange, but then the point is that you want your money, right? Also, a good rental gets more income as rents go up. Do you want to lose this inflation-indexed retirement plan? What's the alternative? Refinancing Rental Property Have you considered that if you refinance, you can get much of your gain out of the property, without paying a penny in taxes? Borrowing money is not a taxable event. You can take it and spend it however you want, and still keep your rentals. Let's look at an example. Suppose you have owned a small apartment building for years. You bought it for $240,000, with a downpayment of $40,000, and mortgage payments of $1650 monthly on the balance. Now it is worth $400,000, you only owe $120,000, and your cash flow is around $800/month. How do you get at that equity? A bank will probably loan you 70% of the value, or $280,000. After paying off the first mortgage, you are left with $160,000. With todays lower interest rates, your payment on the new mortgage will be about the same. At most you might lose $50/month in cash flow. An even better scenario: Use $40,000 for high-return upgrades to the property, such as carports or laundry rooms, and then raise the rents. You could have $120,000 left over to spend any way you want, AND have higher cash flow. Does that sound better than selling your retirement plan? Don't sell. Refinance that rental property! Steve Gillman has invested real estate for years. To learn more, and to see a photo of a beautiful house he and his wife bought for $17,500, visit http://www.HousesUnderFiftyThousand.com
MORE RESOURCES: Renting versus buying a home: Has the math changed for today's Bay Area real estate market? San Francisco Chronicle Jay-Z and Beyoncé's Houses: Inside Their Real Estate Portfolio Worth Hundreds of Millions Architectural Digest San Antonio real estate: Tony Parker's Hill Country mansion San Antonio Express-News Routt County real estate sales at $14.6M from March 22-28 Steamboat Pilot & Today Why Every Residential Real Estate Investor Is Suddenly Richer Financial Samurai Real Estate Commission Rules to Change Santa Barbara Independent What's Ahead in New York City Commercial Real Estate? Commercial Observer Chesapeake FY25 budget keeps real estate tax rate, funds raises for city employees, teachers WAVY.com Suspect in $200K Gwinnett County real estate scam arrested Atlanta News First The Anti-Home Flippers Transforming East Dallas Real Estate PaperCity Magazine Refined Real Estate: 1937 Colonial Broadmoor home lists for $2,595,000 seattlerefined.com Most Impactful Real Estate Leaders 2024 - Forbes Lists Forbes Middle East Facebook Marketplace real-estate scam arrest FOX 5 Atlanta VIDEO | REAL ESTATE | Jackson restaurant for sale by Wendy Wendorf - Homestead Realty washingtoncountyinsider.com The Pipeline: Commercial real estate roundup for 3.29.24 RichmondBizSense Engel & Völkers Acquires North Fork Real Estate Agency Behind The Hedges FBI is investigating Eastside real estate firm iCap, lawyers say The Seattle Times More Experts Assess NAR Settlement's Impact on Real Estate The Dallas Express Suspect in $200K Gwinnett County real estate scam arrested Atlanta News First EG Real Estate: 4 New, 4 Sold – East Greenwich News East Greenwich News How will major changes to real estate regulations affect the Lake Oswego industry? Lake Oswego Review Australia’s Gold Coast Is Primed for a Long-Term Real Estate Boom—and There’s Still Time for Buyers to Get In Mansion Global Breaking Barriers: DePaul's Department of Finance & Real Estate holding first DEI Conference – REJournals REjournals.com A Home Made Famous by Mariah Carey Hits the Market, Richard Neutra's Coe House Lists, and More Real Estate News Architectural Digest See the latest Coles County real estate transactions Journal Gazette / Times-Courier How Long Does it Take to Find a House? Real Estate See How Commercial Real Estate Deals Are Being Cut As Debts Mount Business Insider What you need to know about the NAR real estate commission lawsuit? Sarasota Herald-Tribune Local opinion: A new world of real estate commissions? Arizona Daily Star Why S&P Cut Outlook for Five US Regional Banks With Heavy Commercial Real Estate Exposure Investopedia How New Rules for Real Estate Commissions Could Affect First-Time Buyers The New York Times When Did the Recession Start? Norada Real Estate Investments Charlotte real estate company Flagship Healthcare Properties grows ownership group - Charlotte Business Journal Charlotte Business Journal February's high-end real-estate transactions in Erie County, New York - Buffalo Business First Buffalo Business First Southern Utah real estate, tech industries partner with Make-A-Wish Utah to grant local kids' wishes St. George News REAL ESTATE | Auto Safety Center adds third location washingtoncountyinsider.com SRS Real Estate Partners Arranges $11.9 Million Sale of Shopping Center in Toledo, Ohio Shopping Center Business Intel Corp. sells its Austin office building along MoPac Expy., seeks subtenant Austin Business Journal What Happens When a Housing Bubble Bursts? Norada Real Estate Investments Pummeled Blackstone Real Estate Unit Seems Poised for a Revival | Chief Investment Officer Chief Investment Officer Real estate giant Compass to pay $57.5M to settle clams it overcharged US home sellers New York Post Darien and Rowayton Real Estate Report: March 21 to 28 darienite.com REAL ESTATE | What would you like to see at the old Kettle Moraine Bowl? washingtoncountyinsider.com REAL ESTATE | New $6M water treatment facility on N. Main Street in West Bend, WI washingtoncountyinsider.com Here are the Twin Cities' top residential sales of 2023 - Minneapolis / St. Paul Minneapolis / St. Paul Business Journal Solano Real Estate Transactions: March 29, 2024 | Solano Business | dailyrepublic.com Fairfield Daily Republic Solano Real Estate Scene: The Dream For All lottery opens Wednesday Fairfield Daily Republic REAL ESTATE | Spring Storewide Sale underway at General Store Antique Mall in Kewaskum, WI washingtoncountyinsider.com The Office Market Is in Turmoil. So Why Are Rents More Expensive? The Wall Street Journal Spring Bengtzen and Utah Life Real Estate Group Partners with PLACE For Next Level Growth goskagit.com RI real estate transactions: What homes sold, for how much and to whom The Providence Journal Gisele Bündchen's Houses: A Peek Inside the Supermodel's Real Estate Portfolio Architectural Digest Squatters 'claim everything to be theirs,' real estate agent says WPTV News Channel 5 West Palm Here's a roundup of 6 key first-quarter KC real estate developments - Kansas City The Business Journals Changes coming to real estate commissions. What does it mean? Wednesday Journal Branson Mayor Milton addresses questioned real estate agreement Branson Tri-Lakes news Atrium Health buys land near Charlotte Motor Speedway in Concord Charlotte Business Journal LVGEM (China) Real Estate Investment Full Year 2023 Earnings: Revenues Beat Expectations, EPS Lags Simply Wall St |
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