What is the best way to financially manage a small condo trust?
442535
No, you won't need a tax ID number for the trust. It will carry the ID of the person who set up the trust (trustee usually).\nIf the trust will be generating income by, for example, receiving rental income, it might need one.\n\nBottom line:  see an estate attorney.
1047746
Nothing personal BUT I dont agree with the comment to hold a property for a short term. A true investment in Real Estate is one that is held for profit in the long term.\n\nIF you are a speculator or flipper (which sounds like you are not) you might want to becareful. This is not the right market to be doing that.\n\nAll in all SFR are less hassle because you dont have to take care of multiple unit problems and problems between the tenants but of course you have the benefit of better cash flow in Multiunits. So it's really what you are trying to accomplish with your INVESTMENT!.\n\nGood luck
1065155
I would buy an investment property or two, then put the rest in some type of money market fund earning an average of 10% or more. The Rule of 72 states that any money invested @ 10% will double every 7 years.\n\nIf you used 100k of that 400k, on down payments on one or two investment properties to create you some month to month cash flow, and build long term equity. Then the other 300k in a fund, in seven years you'll have 600k, 14years 1.2mil, 21years 2.4mil; geez your retired good for you!!
1091650
The best option for you would be to find others with 30k to invest and see about setting up a REIT (real estate investment trust). Think about it, get 10 people together and now you've got 300k to work with. At that point, you can put the money down on a strip mall, apt complex, etc... Commercial real estate is very lucrative and often you will walk in cash positive. In fact, you can't buy the place (conventionally) unless you are cash positive. You get to see the previous owners 3yrs of financial records to tell you if it's going to yeild you a return or not and so on.
766351
You have to look at the condo as you would any other investment.  Do the condo rules allow you to rent out the property if you needed to relocate for school?  Would such an asset disallow you from any low rate student loan programs for medical school? Can the property be sold in a timely manner if you needed to liquidate?  Are the property values rising at fast enough rate to justify the initial investment?    I realize these are more questions than answers but they are all important to your issue.  The most important one is the last one because real estate is just like any other investment if you are looking on a short term basis.
128678
This may sound stupid cause i have no clue as what you should do.But at the same time i just had a conversation with an attorney friend the other day and he had a condo out there and sold it to someone and a year later that someone sold it for triple the amount..\nSo keep it cause in the long run it will pay off..
234200
With one property you can probably just handle it with an excel spreadsheet.  The only thing that gets a little complicated is the depreciation for tax purposes, but a decent tax prep package should make that relatively painless.\n\nYou also may want to set up a separate account to make tracking a little easier.
1012375
Check out real estate investment trusts and read articles on Yahoo Finance
292715
visit a financial adviser especially the trusted ones.
432134
There is such a thing as No Money Down financing.  I did thatabout two years ago.  You have to pay an additional insurance payment each month.  We refinanced after a year, and the value of the condo went up, so the insurance payment is gone.
396013
There are a number of questions that would have to be answered before anyone could really give you advice on this.\n\nAre you definitely moving in 2 years?  When you move, will you sell the condo or rent it out.  Do you have a systematic savings plan right now?  Is your interest rate you're paying now fixed or variable?\n\nIf you are currently saving toward a down payment and are sure you'll have enough when the time comes to move, then it's fine to pay extra toward your 2nd mortgage.  Also, if your moving in 2 years is uncertain, then I would think about paying extra against the mortgage. \n\nHowever, if you are not currently saving toward a down payment, or if you are but you're not sure if you'll have enough, then I would contribute toward that savings instead of extra against the mortgage.  You want to make sure you have saved enough because you have no idea what the real estate market or interest rates will be like in 2 years.  The condo market may crash again like it did in the 80's.  It's always better to have the cash set aside.  It gives you more options down the road.
727318
Boy, I wish wasn't at my second home because the information I would like to give to you is back at my other house. Anyway I am a Realtor, small apartment owner, trying to retire.\n\nA couple of years ago I went to an excellent lecture on just what you are asking. For a minimal amount of money I purchased "awesome" material, forms, how to's etc and telephone help.\n\nIt was a lot of work but, simple enough.   They taught us how to put LLCs into Living Trusts and "on and on".\n\nIf I had to remember who they were today I would put "expert protection of assets Salt Lake City, Utah" into a search and see what comes up. I bet I could find them. Let me know.\n\nI just saw another answer and he is confused; you absolutely can put each building into an llc for that matter.
293819
Obviously a condo or townhouse is easier to maintain, that's why you pay association fees, so the maintanance is done for you. \n\nWhether which is better to invest in depends on the location. In large residential areas, usually a house has more appreciation value.
177410
Pay yourself first! No matter the source of your income, put 10% after taxes into some sort of savings program, preferably a ROTH IRA. Then be strong and don't touch it. You'll be surprised how quickly it can mount up. Even if you can't make the 10%, save something!\n\nLook for bargains but don't sacrifice quality. \nUse coupons.\nConserve utilities.\nDo you really need that cable TV and cell phone? They are expensive.\nLook for plans that are in tune with your lifestyle. If you have to have that cell phone, are you paying for roaming, long distance or minutes you don't use?\nLook into pro-rated utility charges.\nRead a book instead of the movies.\nListen to the radio instead of that new CD.\n\nJust some thoughts...Good luck.\n\nThanks sk8trzmom
877247
it depends on your age - if you are young and still working stock and bonds are very god but if you are older you ay want to keep a guaranteed return on investment such as CD's\nreal estate is up and down I dont recommend it
1030765
look for a financial advise, look at mutual funds, initial investment  between 2000-3000, careful with front load or not-load, loads=management fees and maintenance fee
43384
Create a charitable remainder trust and then put the house into the trust.  Then sell the house.  Any gain will be capital gains tax free.\n\nYou will need to see an estate planning attorney to get this done unless you find a book or seminar that explains how to do it on your own, not to mention the pros and cons to find out if this would be advantageous for you overall.