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Updated over 11 years ago on . Most recent reply

User Stats

53
Posts
3
Votes
Josh Adamo
  • Oxford, GA
3
Votes |
53
Posts

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

Josh Adamo
  • Oxford, GA
Posted

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!!

Most Popular Reply

User Stats

1,409
Posts
776
Votes
Ellis San Jose
  • Rental Property Investor
  • Westlake Village, CA
776
Votes |
1,409
Posts
Ellis San Jose
  • Rental Property Investor
  • Westlake Village, CA
Replied

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.

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