Anyone ever sell there own home?

[godale03]

Pre-Nup, Hell If she tosses one out on the table for YOU to sign, DON'T DO IT!
LMAO
Palimony is a good thing.
Make sure you have proof that she asked you to quit your job.

Nah, she offered to sign one if I wanted her too. She doesn't care about money like that. She is call here money our money already. She said if I want I can just keep all of the money I have comming in right where it is and she doen't need to touch it. Other than not understanding that I love RC, she is a great girl. Fantastic even. She has told me that she is not interested in having me sign anything. I don't know. This is all new to me, the whole marriage thing, selling the house thing. Like we talked about last night, she told me that if selling it ourselves is a pain we can just get an agent to do, after we negotiate cheap of course!

As of right now my home is almost double what I paid for it.

 

[FastEddy]

As you start to move on with your new life you will soon have a different outlook on life in general. You will start to realize it isn't just me anymore. Its us. Along with this comes kids, collage, a stable lifestyle, then retirement. All of this is made more simple and comfortable by having money. Sooner then later you will start thinking about things like life insurance and investments. One important key issue in the investment part that makes everything I listed possible is a diversified portfolio. Real estate is a key investment. If you sell it, what are you going to do with the money? Spend it? re-invest it?

Have you thought about how much money you are going to loose if you sell it? You may have some pocket cash but look at the real numbers. If it costs you 10-15k in fees and don't forget Uncle Sam my friend. We have what they call Capital Gains. If you made 100k in profit from the sale you will owe another 15k in taxes if you don't roll it over. your now down 30K.

The 30k you lost, over the next 20 years will more then pay for a collage education for a child. Over 40 years it would add another 400-500 a month in retirement income. This is just the money you lost from the sale.

Part of getting married is the responsibility of providing for you family. I'm going to suggest that you and your Bride to be go see a financial planner before you make any serious moves concerning money. I'm not talking about a friend or parent, I'm talking about a professional with a proved track record. Set some goals and start your new life off with a solid financial plan.

I was lucky enough to have an Uncle that kicked my ass from my doorstep to a planners office. If I didn't do this, I wouldn't have a pot to piss in today. With the advice he gave us and our resolve to stick to it, we now at the age of 40 (and a few) have no financial worries to speak of. We have a balanced portfolio, emergency funds, and are set for a retirement anytime we choose to pull the plug. If for some reason something happens to my wife or I, the other will have no worries.

Just a few thoughts from an old man.

 

[Diver6127]

i'd go for the prenup. Remember, marriage laws are different from state to state. Cali is a 50/50 state. NY still follows commonwealth laws and is a "No-fault" state. I don't know what maryland is but double check.

Marriage is a beautiful thing but you gotta watch your back these days. I'm not out to discourae you. I'm sure your fiance is the best for you but still ... gaurd your ASSeets.

 

[sweetdiesel]

Here's an idea, if you need money for your wedding but don't want to deal with realtor fees, take out a heloc on your house to pay for your wedding, rent it out and when you are ready to make another home purchase you can sell and get another place. If you can afford to keep it rented out do so, in the long run you will have it paid off and that will be passive income for you.

 

[godale03]

As you start to move on with your new life you will soon have a different outlook on life in general. You will start to realize it isn't just me anymore. Its us. Along with this comes kids, collage, a stable lifestyle, then retirement. All of this is made more simple and comfortable by having money. Sooner then later you will start thinking about things like life insurance and investments. One important key issue in the investment part that makes everything I listed possible is a diversified portfolio. Real estate is a key investment. If you sell it, what are you going to do with the money? Spend it? re-invest it?

Have you thought about how much money you are going to loose if you sell it? You may have some pocket cash but look at the real numbers. If it costs you 10-15k in fees and don't forget Uncle Sam my friend. We have what they call Capital Gains. If you made 100k in profit from the sale you will owe another 15k in taxes if you don't roll it over. your now down 30K.

The 30k you lost, over the next 20 years will more then pay for a collage education for a child. Over 40 years it would add another 400-500 a month in retirement income. This is just the money you lost from the sale.

Part of getting married is the responsibility of providing for you family. I'm going to suggest that you and your Bride to be go see a financial planner before you make any serious moves concerning money. I'm not talking about a friend or parent, I'm talking about a professional with a proved track record. Set some goals and start your new life off with a solid financial plan.

I was lucky enough to have an Uncle that kicked my ass from my doorstep to a planners office. If I didn't do this, I wouldn't have a pot to piss in today. With the advice he gave us and our resolve to stick to it, we now at the age of 40 (and a few) have no financial worries to speak of. We have a balanced portfolio, emergency funds, and are set for a retirement anytime we choose to pull the plug. If for some reason something happens to my wife or I, the other will have no worries.

Just a few thoughts from an old man.

Hey Ed,

Not bad advice at all. I am almost 30 years old and have had this house since I was 24. So I have had it only a few years. I know I have not paid much on the principle, the only money to be made would be just the rise in prices. As a matter of fact we do have an appointment with a financial planner on the 18th to discuss exactly what we will need to do to plan better for the future. We currently invest now, but only just started a few years ago. I would hardly say our portfolio was diversified however. I have thought about renting the house out, but am not by any means a handyman and I don't really know what exactly goes with renting a house. We have also talked about selling the house and buying something a little closer to where the jobs are at ie.. the Pautuxant River Naval Air Station. We know what we want to plan for, ie, retirement, college, and the Hevean forbid stuff, just not real sure how to get there. So that is why we made the appointment with the advisor. I will inquire about possibly renting out the house though. Thanks Ed

Tom

 

[sweetdiesel]

you don't need to be a handyman to rent out a house, there are property management companies that will take care of collecting rent and maintenance of the place for a small fee, usually around 5-10% of the rent.

 

[Revo Rancher]

F-Eddy, I am by no means a tax expert (that's what I pay my CPA a few hundred for at tax time) but if I recall, the first 500K of a home sale is not taxable if you reinvest in RE in 24 months (married couples).

Tom, Eddy, is right, though. Spread your money around. Sit at least once a year with a financial advisor. Read the stock pages or the WS Journal once in awhile so you get a feel or pulse for these things. It sounds like Eddy and I are about the same age and in about the same position as to reitrement and investments. It's a nice feeling to have at age 43, knowing I can even consider an early retirement and/or a real comfortable retirement at 60-65.

Hey Eddy, want to franchise your business?

 

[wl6]

As far as renting, go for it. Definitly do BACKGROUND checks and get references on all candidates!!!! Or hire a manage company to handle it for ya.

My wife and I rented our last home for 14 months, did background check and checked references and had the best tenant one could ask for.

If you decide to sell, check into the 1031 Tax Exchange program. It allows you to reinvest into real estate without uncle sam getting his share 1st.

Just thought I would share, I am a Real Estate Appraiser, and the wife is a Realtor.

I dont know anything bout pre-nups, so no comment there.

a quick google search:http://www.realtor.org/libweb.nsf/pages/fg408#topica

 

[FastEddy]

F-Eddy,

NOOOOO!!! F- Revo Rancher...
I had to look at this part of your post twice

I believe it is 5000K but yes it must be re-invested and I also believe it must be in real estate or ??an IRA?? of some sort,not sure. Thats what I pay my guy to look at when needed.

 

[Revo Rancher]

Yeah, sorry about that Ed, I was typing fast and trying not to spell out your whole screen name. My bad.

Anyhow, I think the post just below mine (^) has the answer as to what IRS section applies. It might be 5000, but either way, their is a way to avoid taxes on most or all of a RE sale. IRA's are limited to the amount you can add tax free per year, but I think any capital gain can be used (stock sales, etc.).

Now, go build your boat! And don't forget to smooth your wood before you shellac it.