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Updated over 11 years ago on . Most recent reply
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Buy, live in, fix up, and sell!!
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
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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.