Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 8 years ago,

User Stats

23
Posts
3
Votes
Blake Harper
  • Birmingham, AL
3
Votes |
23
Posts

Selling house-Capital Gains

Blake Harper
  • Birmingham, AL
Posted

Hello BP world! Its been awhile... Quick Question here..

History

I bought my first house for $328k with VA home loan no money down with a 3.5 interest rate. It appraised for $340k with zero rehab done. I have sunk $50k into it using $20k bank loan 9.0% interest, $15k student loan, and $5k on credit card at 9.0 % interest (Just thought I'd share my creative financing).... I have redone the kitchen and opened it up for open concept look, bathrooms, floors, pool deck, added an outdoor kitchen, added a 4th bedroom and re painted inside and out. Practically brand new house total invested $378k.

Question

I believe my break even would be $400,680? 6% of $378k =$22,680. Looking to sell it for $438k.

This is my primary residence so would I have to pay capital gains on this house? I am having to move to another state for work.

 Am I missing any other money that will be deducted when it comes to sell the property? Tax? Title? Closing costs?

Think I spent too much money as far as high risk, low reward.

Loading replies...