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Selling my house. Real Estate questions?

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  • #16
    Originally posted by lowthreeohz View Post
    $200/mo plus the equity they're paying into for you.
    $200/month that I have to pay income tax on at the end of the year. $1400 minus 30%. So $980 profit a year. Theres much more profitable ways to make money. I understand that the renters are paying off the house for me and in 15 years Ill a paid off house. But keeping up with the house, taxes, and repairs isnt worth it to me. Id rather buy chickens, dogs, and horses and make money on them.

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    • #17
      Originally posted by Chili View Post
      What does the contract say? That's what really matters.

      As to her renting, she's month to month, right? I would go ahead and just give her 30 days notice now so you're not waiting around any longer than you have to.
      The contract has a number of days on the third party financing addendum that tells you how many days they have to secure financing. Yes they can get earnest money back if financing falls through but all depends on the contract. I usually put 21 days for execution or something like that. The fha appraisal does stick with the house but if you get a conventional offer it will make it irrelevant or even if you get the same $$ offer fha who cares if you get a better qualified buyer!

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      • #18
        Originally posted by stephen4785 View Post
        $200/month that I have to pay income tax on at the end of the year. $1400 minus 30%. So $980 profit a year. Theres much more profitable ways to make money. I understand that the renters are paying off the house for me and in 15 years Ill a paid off house. But keeping up with the house, taxes, and repairs isnt worth it to me. Id rather buy chickens, dogs, and horses and make money on them.
        You can write all of that off at a loss due to depreciation. It is factored over 27.5 years. Take the value of your house divided by 27.5 and that is how much you can write off each year just FYI.

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        • #19
          Originally posted by stephen4785 View Post
          $200/month that I have to pay income tax on at the end of the year. $1400 minus 30%. So $980 profit a year. Theres much more profitable ways to make money. I understand that the renters are paying off the house for me and in 15 years Ill a paid off house. But keeping up with the house, taxes, and repairs isnt worth it to me. Id rather buy chickens, dogs, and horses and make money on them.
          Originally posted by D. Lil View Post
          You can write all of that off at a loss due to depreciation. It is factored over 27.5 years. Take the value of your house divided by 27.5 and that is how much you can write off each year just FYI.
          This... It will be tax free income after mortgage interest, depreciation, taxes, insurance, etc.

          I don't know enough about this purchase bout our rentals bring in lots of tax free income

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          • #20
            Originally posted by stephen4785 View Post
            $200/month that I have to pay income tax on at the end of the year. $1400 minus 30%. So $980 profit a year. Theres much more profitable ways to make money. I understand that the renters are paying off the house for me and in 15 years Ill a paid off house. But keeping up with the house, taxes, and repairs isnt worth it to me. Id rather buy chickens, dogs, and horses and make money on them.
            You're planning to make money on chickens dogs and horses?

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            • #21

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              • #22
                Originally posted by Ruffdaddy View Post
                You're planning to make money on chickens dogs and horses?
                Illegal gambling. Dog fights, chicken fights, horse fights.

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                • #23
                  Originally posted by BradM View Post
                  Illegal gambling. Dog fights, chicken fights, horse fights.
                  Donkey shows - bigger than bitcoin.
                  Originally posted by davbrucas
                  I want to like Slow99 since people I know say he's a good guy, but just about everything he posts is condescending and passive aggressive.

                  Most people I talk to have nothing but good things to say about you, but you sure come across as a condescending prick. Do you have an inferiority complex you've attempted to overcome through overachievement? Or were you fondled as a child?

                  You and slow99 should date. You both have passive aggressiveness down pat.

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                  • #24
                    Originally posted by slow99 View Post
                    Donkey shows - bigger than bitcoin.
                    But Bitcoin is both big and small depending on the minute...

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                    • #25
                      Let's not talk about bitcoin right now fellas...the wound is still fresh.

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                      • #26
                        Originally posted by GeorgeG. View Post
                        Let's not talk about bitcoin right now fellas...the wound is still fresh.
                        As long as you understand it's self inflicted....

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                        • #27
                          Originally posted by Ruffdaddy View Post
                          You're planning to make money on chickens dogs and horses?
                          Fuck no. I have all of them and their all a huge money pit. If youre ever sitting around with some extra money and think "Huummm, Iv got too much cash on hand so what should I waste it on" buy some stupid ass horses and all of your extra money problems will go away.
                          Horses got tangled up in a fence
                          chickens got an upper respiratory infection(cheaper to treat them then buy new ones)
                          and the damn dog chewed up 2 of my leather recliners.

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                          • #28
                            Originally posted by stephen4785 View Post
                            Fuck no. I have all of them and their all a huge money pit. If youre ever sitting around with some extra money and think "Huummm, Iv got too much cash on hand so what should I waste it on" buy some stupid ass horses and all of your extra money problems will go away.
                            Horses got tangled up in a fence
                            chickens got an upper respiratory infection(cheaper to treat them then buy new ones)
                            and the damn dog chewed up 2 of my leather recliners.
                            I don't know anything about chickens... How do you know if they have an upper respiratory infection? Do they cough? lol

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                            • #29
                              Originally posted by jewozzy View Post
                              I don't know anything about chickens... How do you know if they have an upper respiratory infection? Do they cough? lol
                              They start getting this bubbling water around their eyes or they look like their crying all of the time.

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