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Updated 3 months ago on . Most recent reply

User Stats

27
Posts
4
Votes
Susan McBride
  • Fairhope, AL
4
Votes |
27
Posts

Need Advise on Leveraging Existing Home to Purchase Another One

Susan McBride
  • Fairhope, AL
Posted

My boyfriend is a 100% disabled veteran who receives $6,500 per mo in benefits.  We live in Alabama and he pays no property tax on his home here as a disabled vet.  He owns his home here outright (value $350k). He has another $50k in assets and $325k in investments and no debt. We have found a lot on water in Georgia that we could probably get for $250k.  The have a property tax break for veterans but it is not 100%.  There is a cinder block structure on it now that is basically a 1BR, 1BA shell with plumbing fixtures, but no kitchen. We may be able to make it liveable for about $80-100k. So, he could sell his home and put 100% it into the new home. Or, he could rent his home and use the rental income from it to fund a mortgage on the new home. I don't know enough about the benfits of one or the other to advise him. I would appreciate input from the BP community as to the best way to approach this from a financial and tax perspective.  Thank you!

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