Hi Mark/Matt & Team,
Thank you for all that you do, your podcasts are informative and entertaining. When we have time, we cast your podcast to our TV and watch you evenings instead of regular TV, with all of your content there is always something to watch.
On to my question, we are planning on selling our primary home in So Cal and moving into one of our paid for vacation rentals in Kanab, Utah next year. We have seen some of our friends that are selling their houses reducing their listing price considerably because of the current interest rates. This concerned me and I thought, what if we carried the loan to a very qualified buyer with at least 30% down and give a better interest rate say around 5%. Our house would be payed off when we sell, it is currently on Zillow at $1,150,000 and I thought would be additional revenue stream in retirement. Our cost basis was $520,000, so there is just a little bit of capital gains.
- Is this something that you would do or is it too risky?
- What are the Pro’s & Con’s?
- If you think that this is a viable move, please explain how to structure something like this to protect us.
- Are there companies that will do the underwriting and collect payments and maintain an escrow account?
Most importantly I need a consultation, we have to (2) payed for short term rentals and several other pieces of property in (4) states as well as sizable retirement accounts. I sent in an inquiry in mid October and I know your busy but, I was wondering what is the lead time for a return call? We have no will, no trust, no medical directive or LLC, we need a Trifecta to start . I would also like to do a start self-directed IRA.
Thanks for your help in advance!
CDK