House hacking with a second property

[Jamison Gallegos]

Hi everyone, quick question wondering if anyone could lead me in the right direction and give me some useful advice! I have one property investment I’m currently live and flipping right now. I was looking to invest into my next property in the mean time to do a house hack for my current property, Is there any advice on how I should approach this next property and what loans I should apply for? 

[Mike B.]

Unsure if I fully understand what you're asking.  But.. to house hack your 2nd place.. live in your first property at least 2 years to avoid capital gains tax.  Then sell your 1st property, or buy your 2nd one and after renovations you could refinance into a personal home mortgage loan however in order to do this.. I'm 99% sure you need your original (1st home) under contract (for sale).  Hope this answers your question. 

You can otherwise purchase property #2 as an investment, live in it and then sell your 1st home a year or so later.  Just make sure to avoid capital gains tax you live in the home for 2 of the past 5 years.  Would also speak with a CPA about tax strategies.