BRRRR - Buy, Rehab, Rent, Refinance, Repeat
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Updated over 1 year ago on . Most recent reply
![Austin Janiszewski's profile image](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/1836672/1621515993-avatar-austinj107.jpg?twic=v1/output=image/cover=128x128&v=2)
Unsure of the many options I have. Consider the following:
So I bought, I rehabbed, and now to rent and refinance. The issue is we still live in the home and with the interest rates and my wife being a stay at home mom we feel like we can commit to getting into a new property.
We have considered selling and using the equity to get into a newer home.
Selling and renting until we find a deal.
Continue upgrading the house and renting when we have more income.
Just not sure what’s the best option and would love some more perspective.
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![Andrew Postell's profile image](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/684131/1685134136-avatar-andrewp125.jpg?twic=v1/output=image/crop=750x750@0x16/cover=128x128&v=2)
- Lender
- Fort Worth, TX
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@Austin Janiszewski hmm, so this is your current primary home? If you have lived in it for 2 years you can sell with no capital gains tax. If you haven't lived in it for 2 years, you will pay some pretty hefty taxes if you sell.
When analyzing our own primary homes there are all sorts of things that we consider that we don't really consider when purchasing an investment property. Investment properties are cut-and-dry. What's the numbers? Do I care about my work commute? Nope. What about my kids education when I purchase an investment property? Nope. How about if my family feels safe? Not at all. With an investment property I'm going to analyze the financial numbers. Other considerations are a distant choice. You can probably think of some other personal needs when looking into your own home. All sorts of things might be different for us.
I'm saying all of this because if a newer home helps your marriage - what's that worth? That's priceless.
Many of us use our early primary homes as the entry point to begin our real estate career. Meaning, we keep them...and don't sell them...and we rent them. Your commitment is to occupy your primary home for 12 months. As mentioned above, there are tax benefits to occupying for 2 years. Buying my own primary home provides the lowest downpayment, the lowest interest rate, the best terms, the lowest closing costs, the most seller concessions, etc. So if you do have the ability to keep that property and buy your next primary home now you have 2 homes. Only 4% of Americans have 2 homes. It's hard to do...but if you can do it, you are on your way. Not everybody has the ability to move every year. And even if you do have the ability to do it now, you may not have it later. So take advantage of it now if you can.
Hope all of that makes sense.