Newbie From Bay area Says Hello and would like advice

[Stefan Morosky]

Hello everyone,Thanks in advance for viewing my post and for your advice.

A bit about myself and why I signed up at this website:

I am in my mid-50's and ready for a change.I am fed up with the Rat Race and my (yuk)

job in the Bay Area and have a plan,but need advice getting from point A to point B.

My situation,I own home in the East Bay and want to sell and buy something out of state

for a fraction of what a home would cost in the Bay Area.

I am interested in early retirement,I have earned it and deserve it,but that's another story.

I figure after the sale of my Bay Area home,I should clear around 425k.

But I ask myself,if I find a small home for around 265k,should I pay it off with cash

OR have a mortgage payment and invest my profit after sale in the rental market

which I know nothing about.

The house was an inheritance and I know very little about Capital Gains,only that

I could write off the money I invested in the property after the inheritance against

the Capital Gains taxes and would owe practically nothing.

In the bigger picture,my question is,"How Can I turn the sale of my High Priced 

Bay Area Home into a Win-Win Real Estate Investment strategy?"

Thank you all for your advice and May God Bless you,

Stefan M.

[Brandon L.]

Hello! @Stefa

Welcome to BP, and congratulations on making the decision to invest in your future via real estate.

I have written a few blog posts that may help you get started here on BP, and with your investing. Please click on the links, give them a read, and share your thoughts in the comments.

First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:

https://www.biggerpockets.com/blogs/5868/52761-the-simple-guide-to-getting-started-on-bp

The second is a post that will help get you focused with your real estate investing goals:

https://www.biggerpockets.com/blogs/5868/52743-im-new-to-bp-any-advice-would-be-appriciated

The last one is a post that will help you choose an “investor friendly” real estate agent. There are many agents out there, but it’s important to choose the right one.

https://www.biggerpockets.com/blogs/5868/52724-im-new-to-investing-how-do-i-find-an-investor-friendly-agent

I have other blogs that may be helpful here on BP in my personal blog that you can check out. Good Luck :)