Wayne.B wrote:
Why not do the deal as a straight mortgage on the Wyoming property
rather than a home equity loan?

I was wondering the same thing. But he never really mentioned whether
the property was improved or not, and unless it's a business related
thing, the interest won't be tax deductible unless there's a home (2nd
home) on it. Maybe that's the reason?

Rick

On May 12, 9:45 am, wrote:
Wayne.B wrote:
Why not do the deal as a straight mortgage on the Wyoming property
rather than a home equity loan?

I was wondering the same thing. But he never really mentioned whether
the property was improved or not, and unless it's a business related
thing, the interest won't be tax deductible unless there's a home (2nd
home) on it. Maybe that's the reason?

Rick

The property has a 100 yr old 400 sq ft log cabin. The inspector gave
3 options, burn it down, tear it down or pull it down. He also
thought the snow from 2 more winters would do the job. So, it is
basically unimproved.

On May 12, 10:12 am, wrote:
On May 12, 9:45 am, wrote:

Wayne.B wrote:
Why not do the deal as a straight mortgage on the Wyoming property
rather than a home equity loan?

I was wondering the same thing. But he never really mentioned whether
the property was improved or not, and unless it's a business related
thing, the interest won't be tax deductible unless there's a home (2nd
home) on it. Maybe that's the reason?

Rick

The property has a 100 yr old 400 sq ft log cabin. The inspector gave
3 options, burn it down, tear it down or pull it down. He also
thought the snow from 2 more winters would do the job. So, it is
basically unimproved.

I'll probably look into a straight mortgage this next week if the
owner will still deal with me.