Converting Non-Income Producing Property Into a Retirement Annuity
We are always looking for new ways of securing our retirement and I thought this was worth mentioning for those of you that are thinking outside the box. Great strategy
A student sold the development rights to their property to NJ, allowing them to keep their property with a deed restriction, used a 1031 EXCHANGE to avoid taxes on the sale, purchased an income producing investment property with some of the proceeds, and purchased a tenant-in-common interest in a property owned by his girlfriend with the remaining proceeds. Perfect strategy for converting non-income producing property into an annuity for retirement. gchristofely
We are always looking for new ways of securing our retirement and I thought this was worth mentioning for those of you that are thinking outside the box. Great strategy
A student sold the development rights to their property to NJ, allowing them to keep their property with a deed restriction, used a 1031 EXCHANGE to avoid taxes on the sale, purchased an income producing investment property with some of the proceeds, and purchased a tenant-in-common interest in a property owned by his girlfriend with the remaining proceeds. Perfect strategy for converting non-income producing property into an annuity for retirement. gchristofely