All Forum Posts by: Kelly G.

Quote from @Devin James:

Hey Kelly G.,

It all depends on your financial goals.

 Yeah - that's a big part of it isn't it.  thanks for your comment

I will be looking to sell my SFH in Milw soon.  Have lived in it > 2 years - so I can take the tax credit - expect sale around $215K.  No mortgage - owned free and clear.   Also likely to sell as FSBO (w/ mls listing)

Now:  I've tried searching for other posts - but there are 98 pages of them just in the last year! and I browsed through 5 pages of them . . .  and most are about 'buying' not selling using owner financing.

So - am wondering if I should consider owner-financing?  I am thinking that with interest rates going up and up - I might attract more buyers (?) with a 'lower' (?) rate???  What would be a reasonable OF rate in today's market??

Also - As I am in a very low tax bracket - am I better off taking the $$ 'tax-free' - or possibly paying a very small amount on the monthly 'income' as OF?

What should I think about in considering this option? 
- cash vs income (and taxes?) - got it; 
- hassle?? - I guess only if they stop paying;  
- I gotta say I like the idea of making more $$ on my house - but at what cost??  locking up that $$ - I will likely be buying another property in a year - land probably - so  . . .    

Basically - I need more info:  Any suggestions for the best place to learn all about this - books, website etc - as the seller  (from trusted sources (BP members) - not generic google searches)

Really appreciate you time and comments

Kelly

@Dave Foster - Huh . .    never would have occurred to me that I could hire a CPA from another state;  always figured they would have to be local - at least to the state - . . .   shows you what I know about CPAs!  ( insert another sheepish grin) -  

Learning something new every day!  Thanks Dave - should I ever consider a 1031 (after more learning) will certainly keep you in mind. 

Kelly

@Ashish Acharya -  Thanks for the info.  Don't think I'll have a problem showing this as my 'primary' residence as I haven't even set foot in my CO house in 3+ years (yikes! time does fly). 

@Dave Foster - Shows you what I know about 1031s!!  :-) (insert sheepish grin here). 

so since each of you live in different states, neither of which is WI or CO - and you seem to know about these matters - does this mean I can ask "any" CPA/Tax pro about this issue?  This sale will affect my WI state taxes, so maybe better to find a CPA/Tax person here before I leave?

Thanks

Kelly 

Greetings;

I will be selling my sfh in Milw soon;  this house was a rental for several years, but I have been living here for the past 3+ years.  But I retained my CO residency where I have another house ("my" house).  Need tax advice - maybe 1031 help?  Do I need someone just familiar with WI taxes - or WI and CO taxes - or one of each? 

The WI house will sell below $250k cap gains limit - if I claim that (should I claim that?). 

Thanks

Kelly

I have a stack of rental forms that I never used and will never use - hate to throw them out if someone can use them.  They are the triplicate type from WI legal Blank (2017) - I imagine that few of them have changed.  If you're interested - let me know where to drop them off - or where to meet.  

Kelly

ok - can anyone tell me why my posts are double-spaced??  this is the second of 2 posts and I can't find anything in the 'formatting' options to cause this

If you have the time - you can sell it yourself.  I've only sold 2 houses - both FSBO - so I'm no expert, nor 'experienced'.  Even if you sell it yourself - you will likely have to pay the buyer's agent commission - however, you can specify in your listing - or counter-offer - how much you're will to pay them.  When I listed FSBO - I always encouraged buyer's agents and stated an upfront 2%.  The key to FSBO (IMHO) is knowing what your property is worth and negotiating the best deal.  Know what your property is worth - go to some open houses and talk to agents about the local market - good free info (though I'm always careful not to interfere with a potential 'real' buyer, and I always tell the agent that I'm not buying so they don't get the wrong impression).  Depending on your market - don't be afraid to decline the first offer.  Just keep the negotiation alive while allowing additional showings/offers.  I had several 'low-ball' offers on my last sale, and I just waited - most came back with a better offer; or I countered with a price slightly above my asking - just to keep the negotiation alive.  If you go FSBO - 'marketing' (I think) is Everything!  Take good photos, prepare flyers and have them available out front for 'passer-bys'; I even dropped flyers off at local RE offices just to let them know my house was on the market.  I listed on Zillow and a flat-fee MLS.  As I recall - Zillow got it done for me. Search the forums for many more conversations about FSBO, Zillow, Flat-fee etc

good luck
Kelly

huh - I don't know why that posted with extra lines???

Having sold only 2 houses FSBO - I am by no means 'experienced'.  The first time I listed on Zillow - and the second I listed Zillow and flat-fee just to get it in the MLS.  pick your flat-fee company carefully!

About selling FSBO - just some thoughts:

The first time I left alot of $$ on the table - but I learned alot also.  The second time I more than held my ground and did just fine!  I did my own homework:  thoroughly researched recent sales in my area; went to a couple open houses just to chat w/ agents about what buyers were looking for; designed very professional-looking for sale signs - complete with the little "take-one" flyers - and had them printed by a nearby print shop (very inexpensive).  I didn't post on Zillow until I was ready for my first open-house.  I made it clear that I Welcomed buyer's agents and offered 2.5%.  I listed my house $20+k above the 'average' for the local market; but I knew a had a 'premium' property.  Any agent that asked if I would consider a lower price - I politely smiled and said I would review any offer; I didn't want to give them a flat out "no"; let them think you'll negotiate - even if you hold steadfast in your price.  In just under 2 weeks I had a few offers (all low-balled) and I either ignored them till the agent came back with a better offer, or I countered with my original asking - or maybe a little higher.  The trick to FSBO - I think - is KNOWING what you have and what it's worth - that and Negotiation skills.  Don't be afraid to decline an offer.  And don't (necessarily) take the first offer.  I was selling in southern California (deserts) but the market was still pretty hot.  I ended up a bit above my asking price - including some 'cash-back' to the first-time home buyer who was looking for 'help' with closing costs - just roll that into the initial price.  In both instances (FSBO) - I found that the Buyer's agent did most/all of the work ensuring that the 'right' paperwork was completed - because they wanted the sale to go through for their buyer.  

As for that 3% 'listing commission':  Several agents tried to negotiate a lower price by 'pointing out' how much I was 'saving' by not paying a listing agent.  I chuckled inside and politely said:  "I think my time is worth just as much as their's - so why shouldn't I pay myself for my time and effort?" - most simply grinned - sheepishly.  I think I spent maybe 20-25 hours on the second sale (prepping flyer info, sign design, open house time, showing time, negotiating time, reviewing offers etc etc etc) - that 3% commission (not having a listing agent) paid me >$250/hour!  Not bad money!

Good Luck