Buying or Selling a Home/Home buying

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Expert: - 9/28/2009


Question
I curently make $175,000 with a $10,000 bonus.  I put $22000 yearly into a Roth 401K plus comp. match of $10,000 and I am in the 28% tax bracket.  My IRS status is single. Never owned a home. I am thinking of purchasing a home from somone I know and trust in Livingston, NJ and renting it to pay the mortgage and help my IRS taxes.  I am approx. 15 yrs from retirement and may retire there or sell it at that time,  Is this a good idea and do I need a realtor if I trust these people? What are my first steps from this end? Thanks

Answer
Hi Joe,

You don't mention how you are to purchase the home, whether the seller is to carry the note or ? getting a new loan... you don't necessarily need a realtor, but an attorney (and I believe in NJ you use attorneys to close) it would be wise to pass this all by your financial advisors, and CPA, make sure you know exactly what the benefit and deficient of this exact purchase will be... but I do think you may be on the right track, never to old to own, just make sure the property is working for you, and that you are not paying more than market value for the property, if it will be rented be sure you are in the black and not running in the red.. Lastly keep in mind that money will make strange bed fellows... have everything in writing and the exact terms you and the seller expect from each other... Good luck with everything!

Buying or Selling a Home

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Connie Wildasinn-Broker,GRI,RealtorŪ

Expertise

Broker,GRI,RealtorŪ, Investor since 1979. Buying or Selling Residential and Income/Investment Properties, How to understand the process, how to negotiate through the transaction, What to Look for - But more importantly 'What to lookout for!', How to tell if the time is right - or hold on and wait. Why not to listen to your friends and even your family members, Who really has your best interest at heart?. Understand why any market is a good market and how to spot a good investment for you! If you are looking in California.. check out my website www.MetroCalBrokers.com and if you need assistance in a neighborhood I don't service, I will locate a local agent to that area who actually knows their profession and can assist you in your needs!

Experience

4th generation Realtor in the real estate business, I have helped for over 2 decades clients buy and sell, I am the owner of a local brokerage in the Los Angeles /Long Beach area, and have been a top producing agent in the area since I became licensed. Working through a deal is different to every client, no two people or deals are exactly the same. Knowing how to bring professional advise to the table with clear and concise understanding of real estate world. I can help you handle your buying, selling and investing, managing a 1031 Exchange, working with Equity Sales, Probate, Pre-Foreclosure Regular and Short Sales there is little that I have not seen come across my desk over the decades!

Organizations
NAR, CAR, WCR, ABR, e-Pro, GRI, BKBIA, CHNA,SSG

Publications
Broker Agent Magazine Long Beach Business Journal Long Beach Press Telegram Signal Hill Tribune Grunion Gazette All Experts Zillow - Lead Agent - Advise Expert Truila - Advise Expert

Education/Credentials
Broker-owner, RealtorŪ, GRI,e-Pro, SSG-Short Sale Certified

Awards and Honors
Managing Broker for MetroCal Brokers. We merged my old brokerage with MetroCal this year, and we look forward to expansion and growth moving forward. We currently employ 30 Realtors and growing. 15 years running top selling agent in Long Beach, South Bay area California. Top Producer 5 years straight Re/Max, C21, Realtyworld.

Past/Present Clients
upon request = or check out our website www.MetroCalBrokers.com and check the Testimonials section!

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