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Hokie CPA

Joined: 10/28/1999 Posts: 79477
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It would be a tax advantage to buy the property from the landlord and let


the landlord hold the mortgage. The buyer continues to make payments to the seller as a buyer, able to deduct mortgage interest and real estate tax, assuming their SALT deduction does not exceed $10,000, instead of as a renter; and the seller gets to defer the gain on the sale on an installment basis. It's a win-win for both parties. The only downside to the buyer is he/she becomes responsible for all insurance, tax, and repairs and appliance replacement costs instead of the landlord. But the buyer now owns a home, is building equity, and has an asset they can later sell, typically at an appreciated value.
[Post edited by Hokie CPA at 09/20/2018 11:29AM]

(In response to this post by HokieAl)

Posted: 09/20/2018 at 11:28AM


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Current Thread:
 
  Rental property gurus! Counsel needed. -- great2bahokie 09/20/2018 09:43AM
  Rent is only set by market, unless contract -- HokieHutch 09/20/2018 3:15PM
  I'll add that health impacts for exposure to mold are common claims.... -- CrystalCoveHokie 09/20/2018 12:02PM
  Have to show actual damages (got medical treatment for mold exposure). -- Hokie CPA 09/20/2018 4:37PM
  Yeah, I thought about that... ** -- great2bahokie 09/20/2018 12:18PM
  As others have said depends on the lease, if it is not addressed in the -- fordham 09/20/2018 11:52AM
  It's all in the lease -- Beerman 09/20/2018 09:54AM
  Couldn't have said it better. -- Hokie CPA 09/20/2018 11:19AM
  I would imagine the rent would stay the same until the lease is up -- VTENGR 09/20/2018 09:52AM
  So...the lease is month to month after the first year...and she's in year 8 ** -- great2bahokie 09/20/2018 09:53AM
  Month to month is an issue for landlords -- HokieHutch 09/20/2018 3:17PM
  Year 8??? Forget the lease, she needs to buy the place -- HokieAl 09/20/2018 11:23AM
  Here is the verbiage from my lease -- VTENGR 09/20/2018 10:15AM
  I think that is only the first increase cap -- HokieHutch 09/20/2018 3:20PM
  I read it the same way... ** -- great2bahokie 09/20/2018 10:30AM
  You just need to read the lease -- VTENGR 09/20/2018 10:12AM
  Yes...it does. Thanks! ** -- great2bahokie 09/20/2018 10:13AM
  If she’s month-to-month, landlord can raise the rent anytime they want. And -- CPRVHokie 09/20/2018 09:59AM
  She's probably stuck -- Beerman 09/20/2018 09:56AM
  Is there a lease? ** -- JoesterVT 09/20/2018 09:51AM
  Yes, but not much there. Very simply document. ** -- great2bahokie 09/20/2018 09:52AM
  Does the lease have an end date, or is it true "month to month"? -- JoesterVT 09/20/2018 09:56AM
  Legit month to month. ** -- great2bahokie 09/20/2018 09:58AM
  Rents should be market driven. Property owner can set rent at whatever they -- Hokie360 09/20/2018 09:48AM
  Yes- unless a contract says something else ** -- bigbadbird 09/20/2018 09:47AM
  Lease is VERY basic one-page document... -- great2bahokie 09/20/2018 09:51AM
  Btw ... does she have a disability? -- HokieHutch 09/20/2018 3:23PM
  No disability... ** -- great2bahokie 09/20/2018 3:26PM
  Then say polite things ** -- bigbadbird 09/20/2018 10:00AM
  Exactly! ** -- great2bahokie 09/20/2018 10:11AM

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