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Updated almost 2 years ago on . Most recent reply

Janet Gonzales's profile image
Janet Gonzales's profile image
Janet Gonzales
  • from Stockton CA, USA
  • Member since Apr 3, 2015
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Janet Gonzales's profile image
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Janet Gonzales
  • from Stockton CA, USA
  • Member since Apr 3, 2015
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Janet Gonzales
  • Stockton CA, USA
6
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New Member Introductions

How to turn primary residence into passive income. $285K in eqty

Janet Gonzales
  • Stockton CA, USA
Posted

Bought my primary resident in 2015, currently have $285K in equity and would like to turn into passive income.  Not sure where to start.

Stockton, California
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Joe Homs's profile image
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Joe Homs
  • Flipper
  • from Mission Viejo, CA
  • Member since Apr 3, 2014
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Joe Homs's profile image
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Joe Homs
  • Flipper
  • from Mission Viejo, CA
  • Member since Apr 3, 2014
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Joe Homs
  • Flipper
  • Mission Viejo, CA
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Joe Homs
  • Flipper
  • Mission Viejo, CA
Replied

@Janet Gonzales why?  Why not just sell the home and not pay anything in Capital gains taxes (IRS Section 121) as the primary resident of the home.  Then use that profit to purchase a rental home that will cash flow.

Good Investing...

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