Buy, live in, fix up, and sell!!

[Josh Adamo]

Hey BP members,

Got a quick question, what are yalls thoughts on buying a house to fix up with little cosmetic repairs for a good price live in it while fixing it and then sell it?? What are the pros and cons to this?? I've been studying this field for a little while and have a basic understanding of how to buy but I'm a father with a wife and son and don't want to have 2 mortgages. I feel this would be a good way to get started. ALL OPINIONS will be helpful. Thank yall for your time!!

[Ellis San Jose]

I LOVE this idea if your family is onboard.

As a married couple you have a $500k exclusion from capital gains for a personal residence you live in for 2 yrs.

Imagine doing this every 2 years and getting a tax free check.

It's a terrific technique to build wealth.