??? about Realestate sale(not car Related)

[Pantera]

I know about the exchange and the pitfalls it has if not done by an attorney. Sometime I have to quit buying more and divest myself of some of them. The return on them has been so bad the last 10 years that I am considering selling them and putting the money into interest bearing investments where I don't have to go mow the grass every 10 days.

I also want to build a 3 to 4 thousand sf building on the back of my home to keep the car collection in. This would keep it close where I would be able to work on them more often. The building I have now is just not big enough. I need to have it for my business and a seperate place for my work on the cars.

I hate the idea of moving every 15 yr much less every "2". I have been here since 1989. It is good to know that the money from it is mine to keep if I should sell it. I think I might be able to double my investment on it as it was a repo when I bought it.

My problem is that I like the area and it has grown so much that I could not afford to buy a different house nearby and come out with enought to build the building as big as I want on the back. I only live 1 mi from where the Powertour stopped here in Tulsa two years ago. Mine is the smallest house in the neighborhood at 4,800 sf. Everything that I have looked at is more expensive or larger and/or doesn't have a lot big enought for the new building.

If I move I want to downsize to 2500-3000 sf with 1 acre lot. That is something that is just not avaiable around here.


I want to thank you and I do appreciate your inpuit.

Pantera

[Pantera]

If I was younger I would be real interested in growing them and refinancing them. But, as I am nearing retirement and really want to scale back my work load from now on, I really want to set back and not have to worry about making a payment again. I have worked for them for a lot of years and now it is time for them to work for me. I just need to decide which is the best avenue to persue.

I want to just take it easy like Charlie does.

I know I will never be in his leage but I don't owe anybody and the next two years are going to be devoted to getting around to all the little things I have been putting off.

Especially the Motions and my Pantera

Thanks

Pantera

[YENKO DEUCE REGISTRY]

Sell the properties, pay the tax, and invest the money in a mixed bag of investments like Roth IRA's, etc.... If you are in business for yourself, you may have opted for the self employed version of the 401k plan (?)

[71SSNova]

If the name on the deeds of your property is in the business name, you can do a 1031 and use the money to build the building you want as long as it stays in the business' name. You then rent the building from the business at a loss.

It's more of a headache than I'd want but it might be way to keep some of the capital gains.

Personally, in 11 years, I'll be doing as Marlin suggest. Uncle Sam will get a good share but figuring the tenants have paid for the properties..., oh well!! I'm not babysitting anymore at 60.

It will be time to start spending and enjoying more.

[YENKO DEUCE REGISTRY]

Shor sent me a good link with an easy example of how this tax provision works:

http://www.washingtonpost.com/wp-dyn...04Jun25_2.html

[Pantera]

Thanks that explanins a lot.

Pantera

[indyjps]

my father has quite a few rentals and found out the hard way about non paying renters etc. he has since developed a working relationship with the sheriffs dept and a few judges and gotten a good lawyer that he happens to rent office space to. good luck with your decision.

[John]

..check this website out ....this guy is on Talk Radio alot ...and has some good advice
..
http://www.crunchman.com/crunchman/index.html
...

[Pantera]

Thanks that is some good advice.

Pantera