Help me decide please.

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#1 Aug 11th, 2018, 15:26
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#1
As I have mentioned in a previous thread I have a small property which has a sitting tennant. I have been trying to evict for over thirty years, but for various reasons the case has dragged on and on.

A similar property next door is getting 1lakh in rent a month, i am getting zilch.

The above is the background to my problem, so no soloution to that please.


The going rate for real estate there is 20000sq/ft, I have been made a final offer of 13800sq/ft. Should I take it.

Another slight twist is that I have being hearing rumours that the tennant may be about to lose, but my advocate won't confirm it. I suspect he is taking backhanders.

As I do not have any heirs there is little point me keeping the building indefinetely.

What would you do. I am in two minds as the road where the property is situated has been earmarked for widening almost 8 years ago, this means that I may have to rebuild part of the building (at a later date) which is another expense.

But 1 lakh a month for doing nothing sounds nice, I am concerned that if I try and be greedy I may end up with nothing.

Any thoughts or ideas please.
Lord, Grant me the Serenity to accept the things I cannot change, the courage to change the things I can, and the wisdom to hide the bodies of those people I had to kill because they pissed me off.
#2 Aug 11th, 2018, 19:54
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#2
You are getting about 14K instead of 20k, so just take it and run, spend on having fun rather then worrying about the next court date. Life is short, and as you have no heirs, you should not think twice about selling it.
If you find my posts confrontationist, please bear, I am an old frustrated guy who has nothing better to do than sit on rocking chair and curse the world whole day
#3 Aug 11th, 2018, 20:09
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That is what I am tempted to do, but the total difference will be about 35 or 45 lakh I am missing out on. So the difficulty in making up my mind.
#4 Aug 12th, 2018, 02:17
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#4
If it were I, and I needed the money urgently, I'd take the money and run.

But, being a stubborn bastard, if I didn't need the money urgently, I'd tough it out to the bitter end, in the probably forlorn hope that there is bound to be justice somewhere, sometime in this miserable world.
Walt Whitman - Song of Myself

Do I contradict myself?
Very well then I contradict myself,
(I am large, I contain multitudes.)
#5 Aug 12th, 2018, 08:32
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#5

Another angle..

You could rationalize taking the 35-45 lacs lower price another way.
Insist on taking it all in white money, i.e. No black money.

Then persuade yourself that the market rate would have involved a portion of payment in black money, and that your 14k per sq foot price reflects a ' no black money' discount.
#6 Aug 12th, 2018, 09:49
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Quote:
Originally Posted by Boston123 View Post You could rationalize taking the 35-45 lacs lower price another way.
Insist on taking it all in white money, i.e. No black money.

Then persuade yourself that the market rate would have involved a portion of payment in black money, and that your 14k per sq foot price reflects a ' no black money' discount.
Yes you are right, but 35 - 45 lakhs is a lot of money.

advantages:
money now
no need to worry about court cases.
no need to worry about road widening.
no need to rebuild

disadvantages:

34-45 lakh loss
possible rental income 1lakh per month loss.
#7 Aug 12th, 2018, 10:05
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#7
Does the person who gave the offer know about the tenant not refusing to vacate?
#8 Aug 12th, 2018, 10:15
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Originally Posted by aarosh View Post Does the person who gave the offer know about the tenant not refusing to vacate?
Yes, but they are confident that they can vacate him.
#9 Aug 12th, 2018, 12:34
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#9
How much will you pay in Capital Gains tax ? Or whatever is close approximation ?
#10 Aug 12th, 2018, 13:16
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Originally Posted by nycank View Post How much will you pay in Capital Gains tax ? Or whatever is close approximation ?
This is very difficult to answer as we bought the building in the late sixties or early seventies. And as per the latest rules indexation will be based on the property value in the year 2000 I think. I am not sure about the value in year 2000.
#11 Aug 12th, 2018, 13:27
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#11
Quote:
Originally Posted by JOHNLORD View Post This is very difficult to answer as we bought the building in the late sixties or early seventies. And as per the latest rules indexation will be based on the property value in the year 2000 I think. I am not sure about the value in year 2000.
Research this thoroughly before you sell. Or those gummint offspring of CPSU and CPC will snatch all your monies.
#12 Aug 12th, 2018, 13:43
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#12
I intend to use my full 50lakh cgt bond exemption so after that the max cgt will be 8 lakh.

The buyers are prepared to give me as much cash as I want, but I prefer check as I don't want to deal with fake notes hiding cash in the garden etc.
#13 Aug 12th, 2018, 17:12
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#13
I'd have held out. But I'm stubborn.
#14 Aug 15th, 2018, 10:44
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#14
Also, if no hairs, try applying coconut oil
#15 Aug 18th, 2018, 21:26
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Originally Posted by vaibhav_arora View Post Also, if no hairs, try applying coconut oil
Does not help
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