With your home or investment property you have 3 options to get income:
1) Sell it 2) Rent it 3) Borrow from it
With each option, there are some things to consider and professionals to talk to:
1) Sell it
· Preparing to sell – Professional Full-Time Realtor
· Downsizing, cleaning and de-cluttering
· Tax consequences 1) Personal residence or 2) Investment property –Accountant or CPA
· If only one living spouse – was an appraisal done at the time of deathof spouse?
· If home is in a trust – Estate Planning Attorney
· Do a CPR – divide the land and sell part of it.
· Do a 1031 Exchange: ie: 1) vacant land – buy a condo or home, rent it out and get cash flow, 2) apartment building – do a CPR and sell units individually or give units to heirs, 3) single family home – sell and buy smaller condos
2) Rent it out
· Property manager or manage it yourself?
· Is your home large enough to create a separate living area which will allow you to stay in the home and rent out a part of the home?
· If it’s your own home: Preparing to move out of it to rent. De-clutter and any repairs.
3) Borrow from it
· Reverse mortgage
· Refinance
If you have any questions or other concerns and would like to discuss this further, please call me at 808-228-4916.
And if you are tired of being a landlord, I invite you to a free seminar. More information here.
I would be more than happy to get together with you.