My 1st flip is on the market! Questioning my next step

[Jason Harbison]

My first flip is on the market. I am able to continue flipping but want to have a different strategy this time. I don’t want to tie up ALL OF MY CASH lol!

Background: I owned this home for 2 years. However, It was not my primary residence. Long story short it was bad timing and took forever to finish. As you can see, my timing isn’t exactly great at the time of completion. It has had a ton of traffic via zoom though. I am on my way to show it again.

I guess my concern is making the right move on the tax end. I keep trying to justify having it so long with paying lower capital gains taxes lol but that is not my goal in the future.

Does anybody have any recommendations as far as taxes and potentially using some of the gains for the next property? I thought about the 1031 exchange but I am hesitant to buy right now. My wife and I are being overly cautious about having cash flow during these times. Any suggestions/expertise are greatly appreciated!!