I'm confused. I can't determine if you are collecting interest or paying interest? If you pay interest, the interest is tax deductible. If you receive interest from a loan, you'll have to report interest as income and pay taxes on that income. To calculate it, you can use;What is the name of your state? NJ
If I hold the mortgage on a 100K home that I inherit & sell for appraised value how much of my yearly payments will be taxable income & how do i figure this? I want to know this before hand to determine if i want to sell this way.
No. You would have to foreclose to get the property back.If i carry the note, what risk? If they can't make payments the property reverts back to the owner, right?
Ahhh! Thanks for the heads up!To understand this question from THIS poster you will need to read his other posts concerning this issue.
https://forum.freeadvice.com/showthread.php?t=358765
Yep. We can't help him.Ahhh! Thanks for the heads up!
Yes, it absolutely is difficult. It would cost several thousand dollars, and can take up to 3 years.I mean it shouldn't be that difficult to get back your property if mortgage payments aren't made, should it?
What advantage is there to renting? it's more difficult to get someone out for not paying the rent, not to mention if they destroy your property, etc.
I can handle an eviction. I can not do my own foreclosure! For a court to uphold a foreclosure, it has to go to sheriff's sale, it does not automatically go back to the owner. You may not get it at all!Do a "lease with option to purchase". If they fail to live up to the terms, "evicting" is much easier than "foreclosing".