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Sell condo or lease it for 55+?

Posted by sharlee (My Page) on
Sun, Mar 20, 05 at 14:13

My purpose in sharing this is a current situation I'm facing.

For 4 years I've been leasing a 2bed/2ba condo w/view & no stairs to two different tenants. One for 2yrs & this last for another two until his death. If I had lived there two out of the last 5yrs I wouldn't have to pay capital gains in the USA when selling. Well, that's not my situation.

Have attempted to rent it at the same fee as 4yrs ago over the past 3 months, but most people want to buy. The rental market has declined whereas in the past the vacancy rate was only 5%. Anyway, looks like I'll be forced to sell & this is my nestegg. Really won't realize much as borrowed on it to purchase home with new husband.

Any ideas? We like our current home & I prefer not to move back there (by myself) to save the tax. A 1031 is an option to put amt into same-like property, but I personally don't want additional debt as a senior. Would doing a contract be a good idea if someone had a down payment? The accountant says sometimes rentals are slow...also, says that if I sell I'd have the $$ up front. Never thought I'd sell the place as I enjoy the experience of using my mind & the $300.00 monthly net.

Guess that's all I can offer right now.
Thank you, Sharlee

Follow-Up Postings:

RE: Sell condo or lease it for 55+?

You could sell it and carry the mortgage yourself. The payments would be at least as much as the rental payment. Most of the first few years would be a lot of interest payment. You wouldn't need to worry about insurance or property taxes.

RE: Sell condo or lease it for 55+?

PeaBee, Thank you for responding as it has been an unusual experience trying to rent a property that has rented so easily in the past. Just put up a For Sale sign on weekend & had two people ask about renting. Funny, thought that might happen & also am beginning to get the buyer interest again. This really is testing the market now & my patience, also. ha ha
Oh well, it's an experience. By the way, have noticed your worthwhile advice on the caregivers site, also.

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