Sold my condo.

Larry B.

Larry B.

Joined
Sep 26, 2004
Messages
2,486
My girlfriend and I got tired of where we live so I sold the place. I am in contract with a Dec.1 closing. I made a nice little profit I am happy to say. I paid $220,000 for it in 1999 and I sold it for $489,000. Not bad I would say, especially with no mortgage. We are going to rent for a while. At my stage I am not buying anymore.
 
Congratulations on the sale, hope it is a smooth one.

Best Regards,

STeven Garsson
 
Congrats,
Before you decide not to buy again talk to your accountant, depending on other factors and how much is actual profit, you may end up paying capitol gains tax if you don't reinvest within a certain time frame.
 
Kohai999 said:
Congratulations on the sale, hope it is a smooth one.

Best Regards,

STeven Garsson
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Hey Steve,

I will be 57 next month. I have 4 kids, 2 by my first wife and 2 by my second wife. My girlfriend has 2 kids also, both grown.
They already put up $48,000 and the rest is due by Dec.1.
 
Micky said:
Congrats,
Before you decide not to buy again talk to your accountant, depending on other factors and how much is actual profit, you may end up paying capitol gains tax if you don't reinvest within a certain time frame.
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Hey Micky,

I am a CPA so I am very familiar with the situation. I have to figure out the best way to handle it. What you say is true, there are tax problems to work out.
 
I hope you find a place where you can continue your space observation and photography, Larry!
How much school does it take to to get into accounting and am I too old at 48 to get started?
 
L6steel said:
I hope you find a place where you can continue your space observation and photography, Larry!
How much school does it take to to get into accounting and am I too old at 48 to get started?
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I am moving further out on Long Island where the observing conditions are really good. When I went to college after I got out of Vietnam I studied accounting and physics. Astronomy was my first love but I figured I couldn't make a living at it. Accounting has made me a very good living but I don't enjoy what I do and do it for the money.

I don't know what it takes now but I only did four years in college. If you like accounting go for it. It is really boring to be honest with you.
 
Well I'm moving Wed 29th.and closing on my condo the 30th. It seems I will need a new internet connection as my present one won't work where I am moving. They told me it would be connected on or about Dec. 11th. So see you than.:D
 
At my stage I am not buying anymore.
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You're 57 - you could live another 30 years or longer. You really want to be paying rent all that time?

I suppose there are advantages and disadvantages - it just seems the opposite of what I've always heard. My goal is to have the house paid off in preparation for retirement. I sure as heck don't want to be one of those 70-year-olds working as a WalMart greeter so that I can afford rent or a mortgage payment.

I would also be concerned about a personal financial disaster (bankruptcy, civil lawsuit, tax problems, etc). Isn't a person's primary residence often protected, where money in an account might be an easy target?

You're the accountant though, not me. :)

'See' you in December!
-Bob
 
I sold my condo for $489,000 which is all mine since I have no mortgage. The interest alone will pay the rent. Besides my girlfriend and I are tired of this place. Don't forget now I have no RE Taxes or any maint. charges. Together they came to almost $10,000 per yr. My rent is only $2,000 per month. That leaves about payments of $14,000 per yr for rent. Lets say I get about $25,000 per yr interest on my house money not including my other investments. I think I am OK. Besides I don't want to spend the rest of my life in this place. I more than doubled my money in 6yrs. and i don't think there is any more up side to this place as the housing market is softening. I just bought it for an investment.
 
Good on you Larry, I'm glad to hear that it worked out so well for you. I do agree with those that say buy rather then rent, strictly from an equity standpoint, however you have some pretty good reasoning there as to why not to, especially the bit about not planning to live there forever. You realize that with nearly half a million bucks you could retire now and move down South where there are large patches of country without a lot of ambient light in them?
 
Heck yeah, you could buy a nice 40-acre lot and a cabin in the mountains...

Or you could buy a half-dozen historic homes in town. :D

-Bob
 
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