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Updated over 2 years ago,
Looking to sell duplex to have more liquidity to purchase 4 plex
I have owned my duplex for 2 months in Ventnor, NJ and I have since renovated the 2nd floor apt one and I have refinished hardwood floors throughout. Presently, the duplex is bringing in $2100 monthly for both units. 1st floor apt 2 bd 1 bath - $1200 and 2nd floor apt 1 bd 1 bath - $900. I am in the process of getting a new roof. With all of the upgrades, I guess this would be considered a partial fix and flip. I am hoping to sell for around 155k. I have an outstanding balance of approx. 75k. Will I have to pay capital gains if I sell now? Or is there a way to sell the property, CashOut, and use those funds as a part of my 20% down payment for a bigger property, i.e. 4 Plex?