Small Business Tax Center
Small Business Ideas, Grants &
Plans to Start & Run a Business:

Small Business Grants
Network in Cyberschmooz Community Ask Questions Questions and Answers Share Tips Small Business Ideas List Your Business Business Advice from Idea Cafe Experts Coffee Talk with Experts Starting A Business Business Plan Biz Planning | Sample Plans Small Business Ideas Idea Name Your Biz Name Plan Your Biz Plan Financing $ Starting a Business Do It! Running your Business Marketing Tips Promotional Merchandise Marketing Tips Marketing | Sales | Customers Human Resources HR | Employees | Contractors Legal Forms & Tax Information Legal | Biz Forms Managing a Business Managing | Operations
Financing Resources Financing Your Business E Commerce & Webhosting eCommerce Take Out Info Trade Publications FREE Trade Publications Business Books Biz Books Your Own Business Small Business News Small Biz News Gen X Biz Gen X Biz Work at Home Work @ Home Business Information The Fridge - Biz Info on Ice Destress Send Awards Send Awards & Greetings Yoga At Your Desk Yoga @ Your Desk Fun Guide Guide to Find FUN Online About Idea Cafe Press Idea Cafe has received Idea Cafe in the News Idea Cafe's Kudos Kudos for Idea Cafe Advertise on Idea Cafe Advertise on Idea Cafe Privacy Policy Privacy Policy Contact Idea Cafe Contact Idea Cafe Link to Idea Cafe Link to/from Idea Cafe Join Idea Cafe
Search Idea Cafe Site Directory Site Map Online directory to business resources Biz Web Guide

Expert Answers to Biz Questions

Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.

color business bar

Profiting from Property


If you own a piece of real estate--that you don’t actually live in yourself--then you might be exploring what to do with it! Should you sell it off and keep the cash? Should you rent it? Or should you do something else entirely?

Real estate can be very profitable--and very complex. There are a lot of moving parts in this situation, including tax implications related to the estate, the location of the property, how the area is zoned, and what kind of property taxes apply to it. And that’s to say nothing of mortgages and other financial complications!

Consult with experts

Your best bet, therefore, is to consult with attorneys. For instance, if you’ve just inherited property from a deceased relative, work with his or her attorney first. They should be able to lay out how taxes will work and how selling the property could affect that. If you’re considering keeping the property, it may be a good idea to speak to an attorney who specializes in real estate.

Real estate is worth a lot of money

For starters, real estate is an asset. Property has value, and that is value that you can draw on. You can sell the property now and reap the cash, or you can hold onto it and sell it at another time. It may make sense to sell it at a different time depending on your tax situation--a tax attorney can tell you more.

Another reason that it might make sense to sell later rather than sooner: real estate is an investment, not just an asset. It can actually increase in value, helping your wealth to grow. It can decrease, too, of course, so you don’t want too much of your net worth locked up in one property that you’re not living in. But owning property can be a part of a balanced strategy to save money and grow wealth.

Use it to earn money

In the meantime, your property can also earn you an income. Assuming you can do so given local regulations, you may want to consider renting your property to tenants. Renting can be a big money-maker--so much so that it sometimes makes sense for homeowners to rent their old house instead of selling it when they move. Being a landlord isn’t an easy job, but by using services like online rental application software, you may be able to streamline the process a bit. You could also outsource key tasks by, among other things, relying on real estate agents to show and rent the property and by hiring a property management company to deal with maintenance. Of course, you’ll still have demands on your time if you do all of this, so only you can decide if you want to juggle landlord duties with your school schedule.

We’ve given you the basic information, but you still need tailored advice from experts who know the details of your particular situation. We strongly recommend that you speed to real estate experts and any legal aid. Good luck!


Small Business Tax CenterIdea Cafe HomeSign UpBiz Grant CenterCyberSchmoozCoffee Talk with ExpertsPeople in Biz ProfilesStarting Your BizBiz PlanningRunning Your BizFREE Trade PublicationsMarketingFinancing Your BizHuman ResourcesLegal & Biz FormsManaging Your BizeCommerceYou and Your BizGen XWork@HomeThe FridgeDe-StressSend an AwardSend an eGreetingYoga @ Your DeskWeb GuideIdea Cafe in the NewsAbout Idea CafeAdvertise on Idea CafeContact UsPrivacy PolicySite MapSmall Biz News

Copyright 1995-2024, Idea Cafe Inc. Downloads are for personal use only, not for resale to others, and may not be reprinted in any form without written permission from Idea Cafe Inc.

DISCLAIMER: We hope whatever you find on this site is helpful, but be cautioned that it may not apply to your own situation, or be totally current at any given time. Idea Cafe Inc. and all of its current and past experts, sponsors, advertisers, agents, contractors and advisors disclaim all warranties with regard to anything found anywhere on this family of websites, quoted from, or sent from Idea Cafe. and its related sites, publications and companies. We also take no responsibility for comments published by others on these pages.

TRADEMARKS: The following are Registered Trademarks or Servicemarks of DevStart, Inc.: Idea Cafe®, Online Coffee Break®, The Small Business Gathering Place®, Take out Info®, Biz Bar & Grill®, Complaint-O-Meter®, A Fun Approach to Serious Business™, CyberSchmooz™, and BizCafe™.