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General Discussion (Everything Else) Discuss anything that doesn't belong in any other forums here. |
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#1
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Question for the Investors
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#2
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PM me your phone number and a time to call.
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#3
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Since it is a second home, would a HELOC interest be deductible? If so, that may be the best way.
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#4
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It would be but that attaches it to my home (draws attention from its for taxes) where as a line of credit on my net worth puts it clear in my name along with the fact that it's a short term (5 yrs) loan
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#5
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You can borrow the money from a lender for roughly 4% fixed for 10 years. File a schedule E with your returns. You can right off interest, insurance taxes, repairs and depreciation.
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#6
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what type of loan would this be considered?
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#7
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I'll sell you mine
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#8
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I give you what I am paying for this one
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#9
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I have the same question would have love to see all the opinions..If anyone wants to take a minute when your not busy to email me your opinion on this please share..
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#10
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I've done exactly this by Borrowing against my 401k. The cash sale aspect allows me to bypass most fees normally associated with home buying. Those savings offset any market loss incurred from the$ not being in my 401k account. That being said, I do all my own title research, inspections, and I write my own earnest money contracts. I've literally closed home sales for $20 total closing costs. And that's just because that's half the fee the county charged to file the deed. Lol I'm so cheap I made the seller kick in the other $20
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#11
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#12
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I would do the home equity loan. You can write off any interest expense from any loan source. I'm not sure about the 401K loan because you're paying the interest to yourself. The only bad thing about this is you are going to pay closing cost twice.
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#13
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not the way I do it
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#14
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Don't do a 401k loan for that. The money you borrow against does not earn any interest while you are paying back the loan.
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#15
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kinda what I figured, looks like I am going with line of credit since it's easier for me to access and use for what I need on the house without worrying about loan value of house or if I decide to finance % 50 or % 100 of house
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#16
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Weedeater, a line of credit may be your best option but one thing you need to look at is what kind of rate can you get by just simply refinancing your primary residence and skip the 2nd mortgage or line of credit option. Advantage to this is that you will have only one note to pay and may be able to get your best interest rate by refinancing. You may have some additional up front costs but could potentially save in the near future with a lower note. Just a thought. Loan against your 401K should be last option.
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#17
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Do you really want to risk your home for a rental? **** goes south and you lose your home,
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