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Created: July 23, 2021
Modified: June 6, 2023

Answering Questions About Real Estate Planning

What You’ll Learn:
Real estate can be a huge piece of a financial plan, especially now that mortgage rates are at historic lows. We’ve gotten a lot of question for the show about this topic and today we’re running through nine different mailbag submissions that all tie into real estate.

A financial plan consists of many different pieces but real estate is one of the most valuable for most of the people we see.

When we get to this portion of the planning process, the conversation could go any number of ways – buying, selling, investing, inheriting, refinancing, and the list goes on. It’s no surprise that we get a lot of questions on the podcast that fall into this area.

Not only is it one of your largest assets, but it’s also complicated at times as well. That’s why you should rely on a qualified professional to assist you with these decisions and make sure you maximize the money in your portfolio.

On this episode of the Money Wisdom podcast, Joel Johnson will tackle nine different mailbag questions that we’ve received and attempt to provide as much guidance he can based on the limited information we have. These topics included mortgages, paying for renovations, home equity lines of credit, investing profits from a sale, inheriting a property, and carrying a mortgage into retirement.

The last one is a question we hear a lot and Joel has a different opinion than most. He doesn’t have a problem in general with a client carrying mortgage debt into retirement. Many times that interest rate is low enough that you can make it up in other areas. Plus, if it’s a dream home like we heard from the listener, then it’s worth it in most cases. As always, you want to sit down with us or an advisor to have a plan for covering that mortgage payment in retirement.

If you have any additional real estate questions, reach out to us and set up a complimentary 15-minute meeting and we’ll begin the process.

[0:20] – Mailbag Question #1: My house is already paid off but I’m about to sell it to downsize in a condo that’s about $100,000 cheaper. Should I put the money I make into the market?

[1:54] – Mailbag Question #2: I want to start a business and make an addition to my house that will give me the space to do that. Should I take the money from IRAs or take out a business loan?

[3:00] – Mailbag Question #3: I’m thinking about having my mom sign her house over to me in case she goes into a nursing home and runs out of money.

[3:57] – Mailbag Question #4: I have two rental properties that have mortgages on them. I have enough in investments to pay off the mortgages but rent covers the mortgages right now. Do I even need to pay them off?

[5:04] – Mailbag Question #5: I know that I need an emergency fund, but instead of keeping money in a savings account, can I use my home equity line if I need money in a pinch?

[6:54] – Mailbag Question #6: We don’t have much saved but we’re about to sell our farm for just over $1 million. We’ve never really invested in the market so where do we start with this money?

[8:28] – Mailbag Question #7: I wasn’t planning to move but my dream home came on the market. My current home is paid off but I’d have to take out a mortgage on this new one. I’m getting close to retirement so is it a bad idea to carry a mortgage into retirement?

[9:51] – Mailbag Question #8: I’m the executor of my deceased mother’s will. My sister is currently living in mom’s house and I don’t want to kick her out. But I’m worried I’ll need the money from the home’s sell for retirement. How can I figure out if I have enough or if I need to kick her out?

[11:34] – How we can help you work through any of these planning issues.

Thanks for listening to this episode. We’ll be back again next week for another show.

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