Updated almost 3 years ago on . Most recent reply
Selling options advice needed
Own a duplex. FMV about 375-395k. Owe 50k. Goal - sell and be done with landlording. Been a landlord for 25 yrs. Now retired and want to remove myself from it. No 1031exch, just sell.
Got SS and IRA funds for retirement. Would like to stay diversified and not put sale proceeds in the stock market. I'm thinking maybe seller finance. Use the down pymt in two years, then I owe 35k, to pay it off. Or not and wrap. Perhaps 5 or 10 yr balloon. Spreads out the cap gain/depr recap. 64 yrs old now, figure I can deal with the lump sum payoff decision when it comes.
Current tenant very interested in buying. Not sure if they will be able to when the times comes, spring of 2025 or so. Very good market, add seller finance and I won't have any issue finding a buyer.
Any advice if my goal is to stay diversified but out of the landlord game completely? Ruling out property mgmt.
Most Popular Reply
I'd recommend speaking with @Jeff Nash about your options here. You'll want your exit strategy to be tax efficient as possible while looking into diversified options for future growth/income. He's a CFP and CPA and had plenty of experience with situations like this.