the numbers
own two properties free and clear.
-
comps at 145,000 (primary residence 10yrs)
taxes 1,200
insur 1000 -
comps at 190,000 (bought it for my son, as his primary residence)
taxes 3,000
ins 1200
FICO at A+
but retired so on fixed income.
No debts
The goals:
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buy another property to be my primary residence,(comps at 190,00) and move out of my current one.
-
attempt to do this with no money out of my pocket,
and manipulate equity so i wont have additional cashflow expenditures per month. -
my son needs to tap into the the equity of his home.
this property is titled in both our names. He also needs a tax shelter.
he’s planning on tapping 160,000 and giving me 100,000. -
my current home needs 10,000 in repairs and improvements.
willing to rehab and either sell or rent.
Rentals are about 900 per month.
how can I get the home i want, without having to pay a mortgage again?
I thought about a cash out refinace to buy the new house and pay for it in cash, but i cant use the loan amount as a tax deduction?
How can i or my son tap into the equity and make it tax decuctible?
i need schoolling!
:o