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Passive income

Discussion in 'General' started by DrA5, Jul 22, 2020.

  1. rd400racer

    rd400racer Well-Known Member


    No, she's seriously a good kid and works harder than most kids I've been around. I have a few things I need to do to the house that would have been done if a serious tenant was there, but since it's her and her boyfriend (he pays $500 a month) I let them slide or tell them to do it. I'd love to work something out with her but I don't think she quite gets that this house is part of my retirement. On the other hand, my dad bought me this house in 1984 for when I came home from the service, and then sold it to me 3 years later for what he paid. But it hadn't escalated in price anywhere close to what it has during my tenure.
     
    sheepofblue likes this.
  2. TurboBlew

    TurboBlew Registers Abusers

    youve already made an investment in their childhood... the rising cost of real estate wont change those memories
     
  3. R Acree

    R Acree Banned

    IMHO, there is going to be a significant shake-up in the commercial market due to the virus and people working from home. I agree that there will be opportunities to pick up properties for less. I am wary about being able to find tenants.
     
    Knotcher likes this.
  4. StaccatoFan

    StaccatoFan My 13 year old is faster than your President

    Tough spot...your Dad kind of paid it forward....now you're Dad.

    Talk to an accountant about maybe finding a way to sell her the house at a discount, and maybe being able to write the discount off somehow? I know that's a stretch, just spit-balling here.
     
  5. Circacee

    Circacee Well-Known Member

    I do sales for my buddies trucking company. He's in a different type (I do Port work, he does Dry Van). Collect about 3K-5K a month on it(1099), plus my salary at my trucking company (bonuses ever quarter). I'm doing OK for a 30 year old dropout/GED collector.

    My Dad and I are closing escrow on our second home/rental. It's a hassle when you have shitty tenants but we've been lucky with our first set. The goal is to get into apartment complexes or multi units one day.
     
  6. R Acree

    R Acree Banned

    Selling at a discount reduces your potential capital gains.
     
  7. motion

    motion Nihilistic Member

    We could collectively sell advice to the MotoGP paddock... some kind of subscription for ohhhh, a million dollars a week or so, then divvy it up.
     
    KneeDragger_c69, Sabre699 and Phl218 like this.
  8. kangasj

    kangasj Banned

    Introduce her to the real world?
     
    R1Racer99 likes this.
  9. StaccatoFan

    StaccatoFan My 13 year old is faster than your President

    There are cap gains exemptions for a home. You probably already know this...but just for the record in case someone decides to research the beeb and this thread proves useful.

    https://turbotax.intuit.com/tax-tip...should-know-about-capital-gains-tax/L0m06D9lI

    1. You owned the home for a total of at least two years in the five-year period before the sale.
    2. You used the home as your primary residence for a total of at least two years in that same five-year period.
    3. You haven't excluded the gain from another home sale in the two-year period before the sale.

    If you meet these conditions, you can exclude up to $250,000 of your gain if you're single, $500,000 if you're married filing jointly.
     
  10. fastfreddie

    fastfreddie Midnight Oil Garage

    Cell tower.
     
    Phl218 likes this.
  11. ClemsonsR6

    ClemsonsR6 Well-Known Member

    Absolutely if you have the land they want to put a tower on.
     
  12. R Acree

    R Acree Banned

    For now....
     
    StaccatoFan likes this.
  13. cpettit

    cpettit Well-Known Member

    This is all true. Good tenants are a must. I have a rental house that rents for $1500 a month. The payment is about $800 a month but we pay about $1000 on it. Most years there is a bit of income but when an AC unit or furnace goes out you can kiss your profits goodbye. You're still building equity for the future though. I think we've got about $100k in that one now and are thinking about selling it after this tenant. Also looking for more properties to keep doing the same thing with.
     
  14. fastfreddie

    fastfreddie Midnight Oil Garage

    You almost have to have your ear to the ground for that one. If they want one somewhere, it's not like they put out a flyer...they just go ask the one owner whose land looks promising, nevermind that your property is right next door and provides better access. Prolly better to approach them for the chance if you have property in a spotty area.
    We have a local gun club that has a tower installed. They could give a shit about membership numbers for survival, but member money does buy improvements to the club house and ranges.
     
  15. SuddenBraking

    SuddenBraking The Iron Price

    Surprised there was no response to the email I pasted in post #39.............
     
  16. skidooboy

    skidooboy supermotojunkie

    surprised you guys with farm land are not leasing the farming rights, and the hunting rights, separately. very common, in good hunting (white tailed deer) management areas. Ski
     
  17. Circacee

    Circacee Well-Known Member

    I glanced.. That last sentence was harsh..
    Backstory?
     
  18. 418

    418 Expert #59


    I'm sure he's worked his ass off his whole life so he can really stick it to his kids when it counts.

    You know teach them a "lesson", so the internet can approve of how hard of a father he is.
     
    rd400racer likes this.
  19. fastfreddie

    fastfreddie Midnight Oil Garage

    Hunting rights? I'd let a farmer pay me to keep their fields clear of four-legged interlopers.
     
  20. ClemsonsR6

    ClemsonsR6 Well-Known Member

    Hmmmmm....how does that work??? In my case, 95% of the property is cleared and the farmer is planting it and working it. I can't image that would make for good hunting property. Much less...I don't want to get between a farmer and a hunter bickering cause dude wants to hunt but farmer is trying to plow fields or whatnot.
     

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