|
Registered
Join Date: Apr 2011
Location: behind the redwood curtain, (humboldt county) california
Posts: 1,454
|
Ive been doing residential rentals for 45 years. Carefull screening is critical.
To the OP's question, have a chat with your tax pro to get specifics on 1031 exhanges to minimize your taxes, especially if you've owned the property for many years. You may be able to move your equity into a nice -high end rental, manage it for a few years, then move in, as your personal residence, then a few years later sell, with a homeowners exemption on the gain.
Another option is to sell a property or two this year, then sell others next year and the following to spread out the long term capital gain/depreciation recapture - again run this by your tax people to minimize the bite.
I am a semi retired general contractor, my wife is a real estate agent and licensed appraiser.
If you are having difficulty screening for good tenants, you might talk to property managers and hire them to do the screening, while still doing the books and repairs, rather than paying 8-10% for them to do it all.
O step way back and hire a manager for a commercial rental.
chris
|