I recently acquired a residental lot for 30k that I could turn around and sell for approx 200k on the market. I don't want to pay tons of capital gains and I want to maximize my profits on the deal over the long haul. I have a comfortable house right now and am not looking to build a house on the lot but in another 10-15 yrs I will probably want to build somewhere. Here are a few options I am pondering:
1) Sit on the lot and build a house on it down the road 10 years from now 2) Sell the lot now, do a 1031 tax free exchange for another investment property like a house that I could rent out 3) Sell the lot now, bend over on the taxes, and invest money in the stock market 4) Sell the lot now, bend over on the taxes, and pay off my existing home mortgage
I am leaning towards 1 or 2 but I don't know whether I would be better off sitting on an empty piece of land or having a rental property that would also appreciate but be making me rent the whole time as well.
if you really have this much assets you will seek professional help
pingflood
Ancient Member
posted: Oct. 4, 2006 @ 8:51p
I'd invest it in deez nutz and then read the FAQs.
adiganifatwallet
Senior Member
posted: Oct. 4, 2006 @ 8:52p
Donate the 200k to the needy... greatest investment ==> make u happy
xpguy
Senior Member - 3K
posted: Oct. 4, 2006 @ 8:57p
5) weekend in Vegas
ArbolLoco
Tired Member
posted: Oct. 4, 2006 @ 9:00p
adiganifatwallet said: Donate the 200k to the needy... greatest investment ==> make u happybetter yet... donate the land to a charity... let them sell the property and realize the game. and instead of paying tax you get a $20,000 writeoff instead!
spodeman
Member
posted: Oct. 4, 2006 @ 9:21p
I will have to get some professional advice....
I was just looking for some senior FW experience to get me headed down the right road
By the way, I got the deal through a family transaction as most of you are probably thinking I'm full of it
unknownshopper
Senior Member<br>6K
posted: Oct. 4, 2006 @ 9:34p
spodeman said: I will have to get some professional advice....
Probably should have got that advice before doing the transfer.
Be a true Fatwalleter and stretch it for two weekends.
Or using SIS's App-O-Rama, get afree airfare, free hotels, and make it a week!
Ninjaneer
Member
posted: Oct. 5, 2006 @ 6:54a
xpguy said: 5) weekend in Vegas
yep...take it all and split the zeros with it.
timothy86
Senior Member - 3K
posted: Oct. 8, 2006 @ 8:34p
You can easily double or triple your money.
Open up a Forex trading account (trade currency), forex.com is good or oanda.com
Put all of your money in to the account and use 100:1 leverage. Don't bother with the practice accounts, open a regular account and start right away.
I also reccomend using all the money on one trade as not to complicate matters, this way you make one trade, double your money and then make another trade and triple it. It's that simple.
timothy86 said: You can easily double or triple your money.
Open up a Forex trading account (trade currency), forex.com is good or oanda.com
Put all of your money in to the account and use 100:1 leverage. Don't bother with the practice accounts, open a regular account and start right away.
I also reccomend using all the money on one trade as not to complicate matters, this way you make one trade, double your money and then make another trade and triple it. It's that simple.
Wouldn't doubling twice be quadrupaling, and not tripling? Smells of a Nigerian Scam to me...
spodeman
Member
posted: Oct. 8, 2006 @ 9:46p
I have seen some infomercials on Forex, maybe I'll give it a try...at least put half my money into it.
spodeman said: I have seen some infomercials on Forex, maybe I'll give it a try...at least put half my money into it.great idea...put all the money in it
astrochimp
Thrifty Member
posted: Oct. 8, 2006 @ 10:23p
timothy86 said: You can easily double or triple your money.
Open up a Forex trading account (trade currency), forex.com is good or oanda.com
Put all of your money in to the account and use 100:1 leverage. Don't bother with the practice accounts, open a regular account and start right away.
I also reccomend using all the money on one trade as not to complicate matters, this way you make one trade, double your money and then make another trade and triple it. It's that simple.
i actually TRADE forex... apparently you Don't to be giving advice like that..and what's most likely to happen is he will LOSE half of his money
i think he was joking, thats why he put smileyface
xpguy
Senior Member - 3K
posted: Oct. 8, 2006 @ 10:28p
I think you failed to see the sarcasm
astrochimp
Thrifty Member
posted: Oct. 9, 2006 @ 8:16a
i need this [sarcasm]... [/sarcasm]
or i'm too dense to pick it up
finmanli
New Member
posted: Jan. 3, 2007 @ 11:28p
I would do a 1031 and move funds into a prof. managed piece of real estate, TIC (Tennants In Common) property preferably. They pay around 8-9 percent per year, distributions are monthly and since you own a deeded interest of real estate, you can get direct market appreciation. Its a very safe choice comparing to FOREX and other suggestions on this forum. And also a residential rental property pays around 2-3 percent at the bottom line. Let me know if you need more information, and choose wisely, nobody cares for your money as much as you do.
Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.
Members of our community may attach files to a post in accordance with the User Agreement. FatWallet is not responsible for the content, accuracy, completeness or validity of any information contained in any attached file. Files have *not* been scanned for viruses. Be especially wary of Excel files which may contain malicious content.
