First time homebuyer here, so I’m not sure if a scenario we are considering makes sense.
My wife and I are interested in a property that has an old 50′s rambler on it. The property location is great and exactly where we want to be.
Does it make any sense to buy it, pay off the mortgage in 2 years (the price is not that high) while living in it, and after that point, tear it down and rebuild with a new house, taking out a construction mortgage?
We don’t have the stomach/time/income right now to buy, demolish and build, but does living in the house for a couple of years make sense before doing new construction?
We live in Ohio and are selling our condo. We’ve had it on the market for almost 7 months. We have found the house we’d like to buy and have been thinking of a “bridge loan” and yes, we know they can be very dangerous. Can we still get a 5/1 buy down on the house we want, and a bridge loan on our condo? Thank you in advance.
I understand that mortgage interest on houses bought in the US are tax deductible. Is the same true in case a condo/house/property is bought outside the United States (say a vacation home or purely for investment purposes).
Depending on the circumstances, yes. Shoot me an email to [email protected], and we’ll see what we can do!
Marty
Yes and no like he said, it depends on the scenario. Contact me if you’re interested.
You need to find a good Tax Attorney…
Yes go to IRS.GOV and look up investment property. You will find out all you need there.