All Forum Posts by: Glenna Wood

Keep the house and that terrific loan. In the big picture it's making you keep equity for the future. If you sell it I suspect you might spend that equity as lifestyle upgrades instead of building savings. You're in your 40's already.  Budgeting and living within your means isn't fun but it's a great life lesson for your kids. And as you point out, keeping it will let you return to Williamsburg in the future. Best wishes!

Dang! Bought a similar one about 6 months ago at $75. Money well spent.

If you are in an agricultural area, check out the local Farm Credit Bureau. They do residential and business oriented loans in rural areas.

It's never a sure thing but by watching the market carefully, doing your homework months in advance, and marketing/pricing your sale correctly it's a powerful strategy for building wealth. Think through how important the 1031 is to your overall goals and be prepared to compromise on property choices if needed to make it work. Also plan ahead on the impact if it fails. 

Love it! A quilt or throw "of many colors"  would be fun. 

Multiple tenants equals multiple cars. How are you expanding the single car driveway and carport?

I'm wondering what happens if the owner dies before 2033. Wouldn't the heirs get the stepped up basis at that point in time and inherit your lease? What would prevent them from raising the rate? The future sale price equal to the mortgage in 2033 doesn't take into account any appreciation on the property. Seems likely the heirs would fight for a future FMV price. You need to dig up a really good attorney to watch your back. Is another option the owner sells the property now and does a 1031 to a DST? Passive for him now and leaves a chunk to the heirs. Is there a stepped up basis for a DST to shelter the gains? IDK.

Lovely spacious place!! I echo the thoughts about adding more color and the caution about the trampoline. Looks like it has hardscaping around the edge?? Too easy to fall on for kids or tipsy adults. I know folks in MD who remove one from their primary home else their insurer was going to drop them. Best wishes! 

Awesome modern design and it looks bright and spotlessly clean but the bedrooms are leaning toward sterile. Add some patterned duvet covers for pops of color. There's room to add a nice bedroom size chair to the BRs too. Don't skimpy on nightstands and put one on each side of the beds. You're off to a great start! All the best. 

Consider taking a look east of PCB to the "Forgotten Coast". Cheaper and less crowded beaches. More Old Florida small town feel vs. Destin which is too South Florida tourist for my tastes. Sally Childs at Sundance Realty in Mexico Beach has been an awesome resource for me in that area for 20 years.