Re: O/T can it be done

Posted by glennster on January 11, 2007 at 12:47:09 from (68.78.73.38):

In Reply to: O/T can it be done posted by old on January 11, 2007 at 10:21:26:

he has also to consider the capitol gain he will pay on what he sells his property for. example, if he paid 60k for the property and sold it for 100k, he has a 40k tax liability, depending on his tax bracket, uncle sam can take up to 40% of his 40k. i dabble in real estate investing myself, and what he needs to do is make his money work for him. he could consider buying some type of income / rental property. with the 100k he could use that as a down payment on up to a 500k property, assuming a 20% down payment. a general rule of thumb i use is the 1% rule. the monthly income for the property should be 1% of the purchase price of the property in order to cash flow the property and have a little left over at the end of the month. example, a 100k house would need to rent for $1000.00 per month, giving him 12000.00 per year income before expenses. he really needs to sit down with a good accountant/tax planner to devise a strategy.

Replies:

• Re: O/T can it be done Don L C 13:41:16 01/11/07 (0)

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